South Korea is one of the few nations which are working hard to get a Formula-1 race in the coming years.

Korea Auto Valley Operation has announced that they have already managed to get half of the required funding for the operations.

The Formula-1 track is already under construction.

KAVO chief executive Young-Cho Chung had this to say on the latest developments: “With the passing of the F1 Act and the construction of the circuit well above its progression rate, the dream of having an international motor sport circuit has become a reality for the motor sports community. By maintaining strong cooperative relationships with the central government and with the support on a national level we will do our best to make the 2010 F1 Korean Grand Prix an event of unprecedented success.”

It is not clear whether they are going to feature on the next year’s calendar.