Incheon City is accelerating efforts by establishing a dedicated team to attract the 'Formula One (F1) Grand Prix,' considered one of the world's top three sporting events alongside the Olympics and the World Cup.
The city has organized an F1 Incheon Grand Prix bid team led by a senior official at the level of a director-general, and announced on the 25th that it has begun discussions to sign a Memorandum of Understanding (MOU) with Taehwa Holdings, the Korean partner of F1, for hosting the event.
On the 23rd, Incheon City held a meeting at City Hall to attract the 2026 F1 Incheon Grand Prix, attended by Park Deok-su, Deputy Mayor of the city, and Kang Na-yeon, Chairwoman of Taehwa Holdings. 2024.4.23 [Photo by Incheon City]
On the 23rd, the city held its first meeting at City Hall attended by Deputy Mayor Park Deok-su and Taehwa Holdings Chairperson Kang Na-yeon. At the meeting, Deputy Mayor Park emphasized, "It is crucial to proceed swiftly to host the 2026 F1 event," adding, "Please expedite the review and related procedures for signing the MOU so that the event can be held to showcase Incheon and Korea to the world."
In response, Chairperson Kang explained, "We have proposed urban races to several cities in Korea over the years to attract the F1 event and have met with government officials for a long time to discuss government-level support, but the opportunity to host in Korea did not materialize." She added, "After F1 circuit design officials toured Incheon on the 16th and responded that it is a 'suitable site for an urban race,' we hope that this globally popular event with many fans will definitely be held in Incheon."
Incheon City views the F1 Grand Prix as a groundbreaking turning point to leap forward as a global city and, considering the urgency and expertise required, has quickly formed a dedicated bid team. The city plans to thoroughly review contract terms and all matters related to candidate venues and sign the MOU as soon as possible.
Incheon Mayor Yoo Jeong-bok visited Japan on the 6th and met with Stefano Domenicali (second from the left), CEO of the Formula One Group, who is attending the Suzuka Grand Prix, to deliver a letter of intent for hosting the F1 Incheon Grand Prix. April 6, 2024. [Photo by Incheon City]
Earlier, on the 6th, Mayor Yoo Jeong-bok visited Japan and delivered a letter of intent to the Formula One Group for hosting the 'F1 Incheon Grand Prix.' Mayor Yoo met with Stefano Domenicali, CEO of the Formula One Group, emphasizing that Incheon is a world-class city with an international airport and port, 12 luxury hotels, and 15 international organizations, expressing confidence in the successful hosting of the F1 Grand Prix.
Incheon City plans to host the first F1 event in 2026 and aims to hold the event for at least five more years. Notably, unlike the Japanese or Chinese F1 events held at dedicated circuits, the F1 Incheon Grand Prix is expected to be conducted as an urban race similar to Monaco or Las Vegas.
In November last year, approximately 320,000 people flocked to the F1 Grand Prix held as an urban race in Las Vegas, USA, generating an estimated economic effect of about 1.3 billion dollars (1.75 trillion won).
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
