Translation result.
Incheon’s bid to host a Formula One (F1) Grand Prix — advanced by the city’s eighth elected administration — has sparked an intense debate across the community.
After the city released a preliminary feasibility study concluding the project was economically viable, civic groups and residents split: some dismissed the statistics as unreliable, while others welcomed the plan.
The Incheon Countermeasures Committee Opposing the F1 Hosting — a coalition of 50 groups including the Incheon Civic Coalition — held a press conference at City Hall on April 21. The group said, “Although the feasibility of hosting F1 in Incheon may have been confirmed, the figures are a statistical sleight of hand that misleads citizens. In reality, this would be a reckless gamble that could bankrupt Incheon’s finances.”
The committee focused on the project’s cost and fiscal burden. It argued that, with the economy and household finances already strained by events such as the war in the Middle East, committing at least 230 billion KRW (approximately 172.5 million USD) of public funds to the project would likely force cuts to welfare and other social programs. The group also criticized the feasibility study’s lack of transparency and warned the results may have been inflated, making them unreliable.
According to the city’s “Basic Plan and Preliminary Feasibility Study for the F1 Incheon Grand Prix” released on April 16, the benefit-cost ratio (B/C) was 1.45, above the standard threshold of 1.
The city identified Songdo Moonlight Festival Park as the candidate site for an urban circuit (race track).
▶ Related article: Incheon Ilbo April 17 front page — ‘Green Light for Incheon F1 Bid… Likely to Become an Election Issue’
By contrast, residents of new districts such as Songdo, Cheongna and Yeongjong International City expressed strong support, saying the race would boost tourism and enhance the city’s brand value.
The Incheon General Association, a coalition of nine resident groups including All That Songdo, said in a statement that “F1 is not merely an event but a globally proven content platform.” The group argued that Incheon — with its international airport, cruise terminal, passenger terminal, marina and substantial hotel capacity — is competitive with other cities that host urban circuits, such as Monaco and Singapore.
They added that urban tourism linking Songdo, Yeongjong, Cheongna and the old port could be jump-started by F1, spreading benefits to small businesses and the tourism sector. “For Incheon, pursuing F1 — one of the world’s three major sporting events — is not optional but necessary,” the association said.
/ Lee A-jin reporter atoz@incheonilbo.com
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