The Thai Government, through the Minister of Tourism and Sports, Sorawong Thienthong, has announced a strategic initiative to bring a Formula 1 race to the streets of Bangkok in 2024. This plan, which has undergone thorough preparation, is expected to significantly contribute to promoting Thailand as a world-class sports tourism destination.
Thailand’s Prime Minister, Paetongtarn Shinawatra, has expressed full support for the initiative, emphasizing the importance of international sporting events in driving tourism growth. The government is committed to positioning Thailand as a worthy host for prestigious championships like Formula 1.
The Thai Government has been in intensive communication with the Fédération Internationale de l'Automobile (FIA) regarding the application to host the Formula 1 race. Success in this endeavor is believed to significantly boost the tourism sector, particularly by attracting high-end tourists.
Thailand's Bid for Elite Tourism
Sorawong believes that Formula 1 is more than just a car race. The event acts as a magnet for wealthy tourists from around the world and can provide a significant boost to Thailand’s economy. He stated that each Formula 1 event could generate over 12 billion baht, which would greatly benefit local businesses and the tourism industry, which is recovering from the pandemic.
In addition to the positive impact on the tourism sector, hosting Formula 1 will further strengthen Thailand's position as a premier luxury destination, aligning with the government’s policy of attracting global investors. This initiative also supports the government's efforts to develop the Eastern Economic Corridor (EEC) as a hub for sustainable economic growth.
F1 Circuit Plans in Thailand
The idea of hosting a Formula 1 race in Bangkok has been under consideration for several years. In 2015, Chumpol Silapa-archa, who was then the Minister of Tourism, proposed holding the race in the historic Rattanakosin Island area. However, infrastructure challenges, particularly the abundance of wooden structures in the area, have posed significant obstacles. The government is currently evaluating alternative routes, and the results of this assessment are expected to be announced in December.
Simultaneously, a private consortium is planning to build a Formula 1 circuit in the U-Tapao area, which is part of the Eastern Economic Corridor (EEC). This project aligns with an earlier announcement by former Prime Minister Srettha Thavisin regarding the development of a Formula 1 circuit near U-Tapao Airport in Rayong Province, expected to be completed within the next three to four years.
Public Circuit with F1 Potential
Although designed as a public facility available for year-round use, the circuit also has the potential to host smaller-scale Formula 1 events. The project is still in the planning stages, with further steps needed to obtain approval for hosting races.
Prime Minister Srettha explained that PTT is projected to sponsor the construction of the new circuit, while BTS Group Holdings will manage the large U-Tapao Airport area. He also noted that the delegation received a positive response from the Formula One Group.
The proposed circuit is not only intended to host Formula 1 and Formula 2 races but also to serve as a training ground for young, talented drivers. Although technical details are still being finalized, the government has set a target to begin construction by 2027, or at the latest, 2028.
