Thailand approves $1.2 billion plan for Bangkok Formula 1 race

Thailand’s cabinet has approved a $1.2 billion plan to host a Formula 1 street race in Bangkok starting in 2028, aiming to boost tourism and put the capital on the global motorsport map with an annual event running through 2032.

If the bid is successful, Bangkok will host a Formula 1 Grand Prix every year from 2028 to 2032, marking a significant milestone for Thailand's sporting and tourism sectors. Government spokesperson Jirayu Houngsub highlighted the country’s excitement about the prospect, saying, “In the next 2-3 years, Thailand will have world-class competition, which we never thought would actually happen in Thailand.”

The Thai government views the race as a major opportunity to attract international visitors and stimulate economic growth through increased tourism. Tourism Minister Sorawong Thienthong noted the bid’s value at approximately 40 billion baht ($1.23 billion), emphasizing the importance of this event for Thailand’s economy.

In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula One CEO Stefano Domenicali and confirmed the government would conduct a feasibility study for the Bangkok street circuit Grand Prix starting in 2028.

Currently, Formula 1 hosts 24 races annually worldwide, with four in the Asia-Pacific region, including the Singapore Grand Prix - the only current race in Southeast Asia. Thailand already boasts a FIA-accredited racing circuit in Buriram, which hosts MotoGP events, but this new proposal would bring a high-profile, urban street race to the capital city.

If realized, the Bangkok Grand Prix would not only raise Thailand’s profile on the global sporting stage but also provide a boost to the country’s vital tourism industry, creating jobs and investment opportunities in the years to come.

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