• Thailand's Cabinet approved a $1.2 billion bid to host a Formula 1 street race in Bangkok in 2028.
• If successful, this contract would last for five years until 2032.
• The event aims to promote tourism, a critical driver of Thailand's economy, with potential benefits reaching $600 million.

Thailand's Cabinet has officially approved a $1.2 billion bid to host a Formula One street race in its capital, Bangkok, starting in 2028. According to government spokesperson Jirayu Houngsub, the approval means the Thai capital could secure a contract to host the race annually from 2028 to 2032. "In the next 2-3 years, Thailand will have world-class competition, which we never thought would actually happen in Thailand," Jirayu stated during a news conference, highlighting the significance of this development for the country. This information is detailed in reports by Channel News Asia, South China Morning Post, and Reuters.

To support this initiative, Thai Prime Minister Paetongtarn Shinawatra has engaged in discussions with Formula One CEO Stefano Domenicali to advance plans for the race. The government aims to position this event as a "sustainable" race that not only promotes sports but also significantly boosts tourism, a vital component of Thailand's economy. Tourism Minister Sorawong Thienthong noted that the bid is valued at approximately 40 billion baht (around $1.23 billion), with anticipated economic benefits projected at around $600 million. This perspective is shared by Channel News Asia and Reuters.

The potential layout for the street circuit has not yet been disclosed, but there are mentions that it might include areas around Chatuchak market, a popular destination for both locals and tourists on weekends. While Formula One already hosts four races in the Asia-Pacific region, including Singapore, the addition of Thailand would mark a considerable expansion of the sport’s presence in the region, as suggested by officials from South China Morning Post and Reuters.