Greece may soon be ready to stage Formula 1 races as a project to create a state-of-the-art track at Drapetsona in Piraeus has received the government’s backing and will enter the fast-track investment process, according to Deputy Development Minister Notis Mitarakis.

Mitarakis met on Tuesday with local mayor Loukas Tzanis and the representative of the Dielpis-Formula 1 company, Athanasios Papatheodorou, and discussed the progress of the project that is aimed at bringing the auto-racing championship to Greece.

The investment has generated interest from Qatari businesspeople and forms part of a wider project to spruce up the area, with other plans including the creation of a marina, hotels, exhibition centers and malls.