- Mayor Yoo Jeong-bok meets with Formula One Group CEO and others -
- Agreement to open full negotiations to host F1 Incheon Grand Prix -
The Incheon Metropolitan Government has begun all-out efforts to attract the Formula 1 (F1) Grand Prix, one of the top three sports events in the world alongside the Olympics and the World Cup, to the city.
The city announced that Mayor Yoo Jeong-bok made a sudden trip to Japan on Apr. 6 to visit the Suzuka International Racing Course ("Suzuka Circuit") and meet with the head of F1, conveying intentions and opening full-scale talks for hosting the F1 Grand Prix in Incheon.
<Mayor Yoo Jeong-bok visited the Suzuka Circuit, where the Japanese Grand Prix was held, on Apr. 6 to meet with Formula One Group CEO Stefano Dominicali and convey his intentions for bringing the F1 Grand Prix to Incheon.>
Mayor Yoo conveyed his intentions to bring the F1 Grand Prix to Incheon while meeting the Formula One group CEO Stefano Dominicali, Tehwa Holdings President Nayeon Kang-Chenot, and Tehwa S&C CEO Nicolas Chenot.
During the meeting, Mayor Yoo emphasized that Incheon is a global city with a world-class airport and port, as well as 12 five-star hotels and 15 international organizations including the Overseas Koreans Agency.
The Incheon F1 Grand Prix, in contrast with the Japanese and Chinese events held on closed road courses, is envisioned to take place throughout the city, much like the events in Monaco and Las Vegas.
Following the first Incheon Grand Prix in 2026 or 2027, the event is expected to take place annually for at least five years.
CEO Stefano Dominicali responded by saying, “I want to express my sincere gratitude that Mayor Yoo Jeong-bok came all the way to the Japanese Grand Prix to meet with me in person and actively express his interest in bringing the event to Incheon. We will strive to generate lots of interest and successfully host an Incheon F1 Grand Prix. We will be sure to visit Incheon as soon as possible to hold follow-up negotiations.”
Mayor Yoo visited the site of the 2024 F1 Japanese Grand Prix on Apr. 7 to meticulously survey the circuit facilities and environment along with F1 CEO Stefano Dominicali and Dromo CEO Jarno Zaffelli, who also manages the F1 circuit design.
<Mayor Yoo Jeong-bok surveys the facilities at the Suzuka Circuit on Apr. 7, where the F1 Japanese Grand Prix is held.>
Mayor Yoo emphasized, “Incheon, with its convenient transportation network that includes Incheon International Airport and the Port of Incheon, as well as luxury accommodation facilities including a complex casino resort, is the perfect place to host F1. Hosting the Incheon Grand Prix as an urban race will become a groundbreaking turning point for creating a global city that puts Incheon’s full potential on display.”
Meanwhile, at the Las Vegas Grand Prix (circuit length: 6.2 km) held last November, around 320,000 people gathered from around the world just to watch the event, generating an estimated USD 1.3 billion (KRW 1,750.5 billion) in economic benefits for the city.
