Graham Hawker said Wales should be promoted

One of the world's top five sailing championships, it has been hosted by cities around the world and will see Olympic competitors race against the clock and each other in Pwllheli's former merchant harbour.

Fleets taking part will race around a series of buoys and include some of the best sailors in the world.

Previously, the event has been held in Athens, Marseille and Fort Lauderdale in Florida.

Stiff competition

Last year's event in Marseille, France, was won by the French Cavale Bleue team.

There are a series of races and whoever passes through a pair of buoys quickest will win the cup.

Wales has beat off stiff competition from the rest of Europe and the UK to host the event, which draws international sailing elite and, frequently, Royal participants competing for a �75,000 solid silver trophy.

Cork, Cowes and a French resort had mounted a serious challenge to the bid from the Lleyn Peninsula - a traditional seafaring area - but organisers were attracted by the town's 420-berth marina and the surrounding Lleyn Peninsula's natural beauty.

The Welsh Development Agency, Wales Tourist Board, Gwynedd County Council and Business Connect Gwynedd have formed a partnership to cash in on the event.

Local produce is on display

They will stage events including an exhibition to let local businesses showcase their wares.

"This event is certainly an opportunity too good to be missed for the whole of Pwllheli's business community" said Martin Shevlin, Chairman of Pwllheli's Chamber of Trade.

Satellite sports channels from around the world will be covering the event, which is annually watched by 220 million people in 73 countries worldwide, and the race will also be broadcast on the internet.

Graham Hawker of the Welsh Development Agency said: "We must get away from Wales being seen as the western part of England.

"Wales has got its own identity and its own opportunities."

The winner of the first race on Wednesday was the Greek boat Atalante, with Welsh boat Babalas second.