A $1.2 billion request to have a Formula One street race in Bangkok, the capital of Thailand, in 2028 has been accepted by the cabinet.
Government spokesperson Jirayu Houngsub told a press conference that if the race was successful, the Thai capital will be awarded a contract to host the event annually from 2028 to 2032.
Reporters were informed by Tourism Minister Sorawong Thienthong that the bid is valued at approximately 40 billion baht (US$1.23 billion).
“In the next two to three years, Thailand will have a world-class competition, which we never thought would actually happen in Thailand,” Jirayu said.
In an effort to forward the proposal, Thai Prime Minister Paetongtarn Shinawatra has met with Stefano Domenicali, the head of Formula One, several times in recent months.
Last month, they met in Monaco, the site of the most famous street race in the sport.
The Thai government has praised the concept of a "sustainable" race and claimed that the grand prix might generate $600 million for the kingdom by boosting tourism, which is a major contributor to Thailand's GDP.
Although the proposed Bangkok street circuit's shape is unknown, Jirayu stated that it might incorporate a section close to Chatuchak Market, a weekend tourist destination in the city's north.
The majority of Formula One's 24-race schedule has been established for a number of years, but there will be openings, and Domenicali has hinted that Thailand would be a potential addition to the circuit.
Currently, Formula One holds four races in the Asia-Pacific area, including one in Singapore, Southeast Asia. Due to the extreme heat and humidity, this race is considered to be one of the hardest of the season.
Alex Albon, who was born in London and currently drives for the Williams team, is the only Formula One driver from Thailand.
Although a round of the MotoGP motorbike world championships is being held at Thailand's FIA-accredited track in Buriram, in the country's northeast, a street race in the capital city is being proposed.
If the bid, which is reportedly valued at $1.2 billion, is accepted and presented to the sport's governing body, the Thai capital would hold races from 2028 to 2032.
To advance the concept, Thai Prime Minister Paetongtarn Shinawatra has met with F1 CEO Stefano Domenicali several times in recent months, including last month in Monaco, the site of the most famous street race in the sport.
Also Read: The Most Beautiful Island Country in East Asia
Although the proposed Bangkok street circuit's design has not yet been made public, government spokesperson Jirayu Houngsub stated that it might incorporate a section close to Chatuchak market, a weekend tourist destination in the city's north.