Thai Cabinet approves US$1.2 billion bid to host Formula 1 race in 2028

BANGKOK: Thailand's Cabinet has approved a US$1.2 billion bid to host a Formula 1 street race in its capital Bangkok in 2028, government officials said on Tuesday (Jun 17).

If successful, the Thai capital would win a contract to host a race each year from 2028 to 2032, government spokesperson Jirayu Houngsub told a news conference.

"In the next 2-3 years, Thailand will have world-class competition, which we never thought would actually happen in Thailand," Jirayu said.

Tourism Minister Sorawong Thienthong told reporters the bid is worth about 40 billion baht (US$1.23 billion).

In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.

Hosting the race will help promote tourism, a key driver of Thailand's economy, the government has said.

Formula 1 already has a crowded schedule of 24 races around the world, with four in the Asia-Pacific region, including the Singapore Grand Prix in Southeast Asia.

Thailand has an FIA-accredited track in Buriram in the northeast of the country, which currently hosts a round of the MotoGP motorcycling world championships, but the proposal is for a street race in the kingdom's capital.