Oct.25 (GMM) Organisers of the Korean grand prix have indicated they will support efforts to see a local team and driver on the formula one grid.

"This is something we really must have; a (Korean) team and a driver in formula one," Chung Yung-cho, chief executive of the race promoter KAVO, told Reuters after Sunday's first-ever race at the $220 million Yeongam venue.

He said there is already work going on "behind the scenes" to this end, and said the Korea Auto Valley Operation - a joint private venture involving the Jeollanam-do regional government - is ready to help.

"Let's not be afraid that we might fall short. If anyone finds they are just short of what they need, we'll help," he confirmed.

An industry official last week said Seoul-based Hyundai - the world's fifth largest carmaker - is "simply not interested in formula one", while the electronics giant LG is already involved as a sponsor.

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