Initial discussions have reportedly taken place between Spanish and Japanese investors on a Formula One racing track that will be located in Hambantota, the Sunday Times reported.
According to officials close to the Government, the racing track is expected to be a 5.6 km Grand Prix track on state land, Sunday Times news report added.
The project will use local resources and expertise to develop the area. It has been planned to unload the racing cars at the Hambantota Port with the Hambantota Airport catering to the visitors, they added.
The Officials further said that the leisure facilities and hotel properties in the area are keen to go ahead with this project.
The Formula One racing track project will reportedly be a Board of Investment venture, they added. (NewsWire)