Bangkok, June 17 (BNA): The Kingdom of Thailand’s cabinet has approved a $1.2 billion bid to host a Formula One race in Bangkok in 2028.

According to Reuters, Government spokesperson Jirayu Houngsub said at a press conference that, if successful, the capital would secure a contract to host a race annually from 2028 to 2032.

Sorawong Thienthong is Minister of Tourism and Sports of Thailand, told reporters the bid is worth about 40 billion baht ($1.23 billion).

In March, Paetongtarn Shinawatra, Prime Minister of Thailand, met with 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.

The government said hosting the race would help promote tourism, a key driver of Thailand’s economy.

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

A.S, S.E