Formula 1 may once again gain a stage in South Korea, after the country officially started the process to return to the category’s calendar. The proposal involves the creation of a street race in Incheon, with initial support following a financial feasibility study.
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According to the regional newspaper Korea Times, the project received the green light to proceed after an analysis of a 4.96 km circuit around Songdo Moonlight Festival Park. The plan foresees the use of existing streets, avoiding the construction of a permanent track.
The mayor of Incheon, Yoo Jeong-bok, intends to secure an initial five-year contract for the event. The official stated that a Formula 1 race could be ‘a key driver to transform the city’s brand and the tourism sector’.
This study was conducted by the Korea Industrial Development Institute in partnership with the German company Tilke. The analysis indicates that the event could generate about 580 billion won in tourism and create nearly 5,000 jobs.
South Korea has already hosted Formula 1 between 2010 and 2013, when the GP was held at the Korea International Circuit. Now, the proposal in Incheon marks a new attempt to return to the calendar after more than a decade.
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Since April 2024 the city has shown interest, but the launch of the pre-feasibility study represents the first official step of the process. To move forward, the project still needs the support of the local government and later the federal government.
After this stage, it will be necessary to appoint a promoter through bidding and submit the project for evaluation by Formula 1. Despite the progress, the plan is still in its early stages and depends on several approvals before becoming a reality.
Formula 1 has not officially commented on this information, but Mercedes boss Toto Wolff had already shown support for the category’s return to the country. According to him, South Korea represents a market still little explored.
“It has been a little-explored market for some time, considering that Formula 1 has grown a lot in recent years, especially among young audiences,” Wolff said. The official also highlighted the country’s strong digital engagement, adding: “South Korea is extremely connected to social media, so it would be great to return and show how Formula 1 has changed in the last ten years,” he concluded.
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