There are rumors that Argentina is gearing to host the Formula One Grand Prix in the near future. Tourism Minister Gustavo Santos hinted at the possibility.

PlanetF1 revealed that Argentina last hosted a Formula 1 Grand Prix in 1998. The event was held at the Buenos Aires Autodromo with Michael Schumacher of Ferrari winning the race. Due to financial difficulties at the time, the event was removed from the calendar before the 1999 F1 season.

The BBC reported that in 2015, F1 head Bernie Ecclestone cited that he was engaged in a discussion with the ministers about the potential of Argentina joining the list again. Ecclestone said that the return “can, not will, happen.”Gustavo Santos recently confirmed that the government will proceed with its plans to have the F1 return to Argentina.

Crash revealed that Santos said how these are challenges that could entail cost and complications but they chose to still pursue it. He continued that hosting a Grand Prix would boost the image of the status of Argentina on a worldwide scale.

The BBC also wrote that Latin America holds two Grand Prix at present: in Brazil and Mexico. The latter also comes back for the first time after 23 years near the end of January 2016. Ecclestone commended the returning countries for fixing their financial woes and getting back into the action.

“This is when some of our people in Europe, who complain about things, realize what people like these do to promote the race and make it happen and compare it with what they do,” Ecclestone said in the same BBC report.

State funding has also been provided to several new countries that joined the F1 calendar in the past few years, namely, China, Bahrain, the United Arab Emirates, Azerbaijan, Mexico and Russia. Germany was absent in 2015 due to financial difficulty. The Monza circuit in Italy has yet to enter into a contract beyond 2016.

BBC revealed that as for Mexico, its status on the F1 calendar was guaranteed in the meantime. Ecclestone reportedly talked with Mexican president Enrique Peña Nieto and said that their deal will be long term, just like before.

Joining the F1 calendar can be quite expensive, and the European government cannot actually fully justify the exorbitant race charges, which range from $40 million to $50 million each year for a number of newer races. Others, like Britain, raise their fees from private funds, which are smaller but still cost about $20 million each year.