Professor Park Won-Hwa, who was called in last year to save the Korean GP, says it would be a "huge strategic mistake" to drop the race.
In only its third season in Formula One, the South Korean race is once again struggling to attract spectators resulting in yet another financial loss.
But despite it all, Park is currently in talks with Ecclestone to extend the grand prix's contract until 2016, adamant F1 needs Korea.
"Mr Ecclestone thinks that it is important to have F1 in Korea as the country is a fast-growing country and benefits from a booming economy and fast-growing economy," Park told AFP.
"It would be a huge strategic mistake to withdraw from this part of the world. The future for the F1 is important and not only the day-to-day running."
He added: "We had to renegotiate with Mr Ecclestone and brought a few ideas and persuaded him that Korea cannot continue the event with such a big financial loss.
"The event has to be sustainable for the benefit of both parties. I showed to Mr Ecclestone all the statistics. It took a long time, and in the end Mr Ecclestone agreed to make another contract."
This season organisers have reduced ticket prices in order to attract spectators to this Sunday's Korean GP.
