Organisers have confirmed that work on the Korea International Circuit (KIC) is nearing completion and that the inaugural Korean Grand Prix will go ahead, as scheduled, in October.

Speaking to Pitpass' business editor Chris Sylt last week, Bernie Ecclestone said he was satisfied with progress in Korea, insisting that the race will go ahead despite media claims to the contrary.

However, in a brief statement, the organisers of the event say that work on the track, which is located on South Korea's south-western coast, in the province of Jeollanam-do, is fully on schedule.

"We are delighted with the progress of the project," said Mr. Yung Cho Chung, CEO and President of the Korea Auto Valley Operation (KAVO), "which is both on schedule and being finished to an extremely high standard. We look forward to welcoming everyone to the Korea International Circuit and our fascinating country in October."

The KIC incorporates two circuits, an international track measuring 5,615 km and a permanent 3,045 km track. A large commercial district will be built around the southern area of the circuit, facing Yeongam Lake. Unusually, the circuit has been constructed first, and the city will develop around it.