Eleven years after Portugal last hosted a round of the Formula One World Championship, a new state-of-the-art circuit has been unveiled, with the intention of bringing F1 back to the country where Ayrton Senna scored his first win.

The presentation ceremony of the Autódromo Internacional do Algarve was held earlier today in Portimao, and presided over by the Minister of the Economy and Innovation, Dr. Manuel Pinho, the Secretary of State for Youth and Sport, Dr. Laurentino Dias, the Mayor of Portimão, Dr. Manuel da Luz and the Project Director, engineer Paulo Pinheiro. The presentation aimed to unveil the initiative and identify its importance for tourism and economic prosperity at the national level and above all in the Algarve.

The track, which has already been certified by the FIA, and will host the final round of the Superbike world championship in November, is hoping to lure back F1. As ever, the attraction, other than the kudos of hosting a round of the World Championship, is tourism and the money that such an even would attract.

"When this project is completed in late October, I'm certain the number of visitors to our country will increase," said Dr. Pinho. "Whereas we recorded a record level of visitors in 2007, this number is certain to increase in the future as a result of this new asset. This project will have a significant impact on the local economy and therefore also on the national economy".

"The government will undoubtedly dedicate all its efforts to ensuring that Portugal forms part of the top World Championship circuit," said Laurentino Dias, the Secretary of State for Youth and Sport. "This private initiative will benefit Portuguese sport as a whole, and everyone involved deserves sincere congratulations for implementing such an ambitious and valuable project.

"The Government will do its best for Portugal to become part of the world's main championships," added Dias. "This circuit is prepared to host a range of motor races, from the most modest to Formula One."

"1200 new jobs will be created," said Manuel da Luz, the Mayor of Portimao, "which is undoubtedly of vital importance. The fact that the Autódromo is located outside the coastal zone will mean that greater value will be placed on the interior of the Algarve. This project will also make it possible to combat factors of seasonality. There are a wide array of advantages".

For Paulo Pinheiro, the mastermind behind the initiative, the Autódromo Internacional do Algarve represents a dream come true. After seven years it has finally reached the implementation stage: "Building works are on schedule. In October the circuit will be completed, in order to enable us to inaugurate it with the Superbikes competition. We are also concluding negotiations to host A1 GP within our technology park. We are convinced that this project will constitute an asset not only for the Algarve region but also for Portugal as a whole."

With Spain hosting two rounds of the World Championship this year - subject to no repeats of the disgraceful scenes witnessed at Barcelona last week - the circuit owners are hoping to cash in on the boom, bringing F1 to the Algarve.

The new complex covers 300 hectares of land and has a capacity of up to 100,000 spectators including a VIP facility with 15,000 seats. It also has a football stadium, luxury hotel and residential apartments.