The Thai government has officially sanctioned a budget of $1.2 billion to host a Grand Prix in the capital city of Bangkok. With several Grand Prix venues reporting a significant economic impact through Formula One, Thailand is eager to host a street race.

Thailand’s cabinet approved a proposal for Bangkok to host a Formula One race for at least five years starting in 2028, earmarking 41.4 billion baht ($1.3 billion) in an effort to boost the nation’s image as a venue for international events and luxury tourism.