The Valletta Grand Prix Historic and Classic Car Event will he held around the streets of the Capital between May 14 and 17.

The event was held for the first time two years ago, drawing large crowds, but last year's event was cancelled at the eleventh hour due to adverse global economic circumstances. This year's event will only feature local entries.

This year's event was launched at a press conference today by the Parliamentary Secretary for Tourism, Mario de Marco and the Parliamentary Secretary for Sport, Clyde Puli.

Dr de Marco said the event was an important element of the calendar of events drawn up to help draw tourists to Malta.

Such events, he said, catered for different tastes, ranging from the Isle of MTV concert to the Medieval Mdina event held last Sunday and the fireworks festival.

Sports tourism was important for Malta, with 80,000 tourists coming here mostly for diving, Dr de Marco said.

He said that foreigners are expected to participate in the event next year.

The event will include exhibitions of the historic vehicles and a timed race.