South Korea is to host a race on the coveted Formula 1 Grand Prix calendar from 2010, it was announced today.

A new circuit will be built in the South Cholla province of South Korea. The Herman Tilke designed 5.45km track is expected to cost in the region of £137 million.

Korea is one of the world’s largest car-exporting nations and F1 boss Bernie Ecclestone is keen to bring the F1 parade to as many previously neglected nations as possible. Turkey, China and Bahrain have all entered the Grand Prix fold in the last few years.

Ecclestone has tried previously to bring F1 to South Korea, striking a deal in 1996, but a promised track was never constructed.