코리아헤럴드

With the country`s first Formula 1 grand prix scheduled to take place two years from now, those responsible for the event are cranking up the promotion campaign.

Last Wednesday, the Korea Auto Valley Operation announced that it will be hosting promotional events to mark the second anniversary of the confirmation in 2006 of the plans to host the Formula 1 race in Korea in Seoul and Gwangju on Oct. 4 and 5.

Korea Auto Valley Operation is a joint venture between seven corporations and government agencies set up in 2006 to oversee the construction of the track in South Jeolla Province and the operations of the track from 2010. The seven shareholders of Korea Auto Valley Operation are the South Jeolla Province government, Jeonnam Development Corp., Shinhan Bank, SK Engineering and Construction Co., Nonghyup, M Bridge Holdings and Kwangju Bank.

Named the "F1 City Shock," the October event will see a Formula 1 race car making an appearance on the streets of Seoul and Gwangju. According to the organizers of the event, this is the first time a functional Formula 1 vehicle will come to Korea.

On Oct. 4, the car will make an appearance at the COEX in southern Seoul starting at 1 p.m. For the event in Seoul, the car will be driven by the BMW Sauber team`s vehicle, driven by Nick Heidfeld on a 500 meter stretch of road sectioned off for the event. On Oct. 5, the event will take place on a major street in central Gwangju.

The vehicle used in the event has a maximum power output of 750 brake horsepower with a top speed of 355 kilometers per hour.

However, the top speed reached during the event will be 200 kilometers per hour due to safety reasons and the limited space available, Korea Auto Valley Operation officials said.

Aside from the promotional event scheduled for October, Korea Auto Valley Operation has high hopes for the grand prix that will be held in South Jeolla Province annually for seven years from 2010.

By hosting the Formula 1 race, Korea Auto Valley Operation hopes to tap into a business estimated to be worth 27 trillion won ($23 billion) and generate economic benefits equivalent to more than $100 million on an annual basis.

According to the Korea Auto Valley Operation, Australia`s state of Victoria received economic benefits worth $175 million in 2005 due to the Australian Grand Prix while the Chinese Grand Prix brought Shanghai a total of $150 million.

The organizers of the event are expecting to reap benefits on a similar scale from the Korean Grand Prix. According to the Korea Institute of Sport Science, the event will have the effect of generating 2,500 jobs and contribute 250 billion won to the economy of the region.

By Choi He-suk

(cheesuk@heraldm.com)