6 days ago
- Business
- South China Morning Post
Thai cabinet approves US$1.2 billion bid to host Formula 1 street race in Bangkok
Thailand's cabinet has approved a US$1.2 billion bid to host a Formula One street race in the country's capital, Bangkok, in 2028, government officials said on Tuesday.
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 two to three years, Thailand will have a 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 Formula One chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
Formula One has one race in Southeast Asia, at the Singapore Grand Prix. Photo: AFP
Hosting the race would help promote tourism, a key driver of Thailand's economy, the government has said.
