Prime Minister Srettha Thavisin met with Formula One organizers in Italy, expressing his hope to start building a Formula One racing circuit near U-Tapao Airport in Rayong province within three to four years.
He met with executives from the Formula One Group in Milan this past Sunday. His visit, aimed at fostering relationships with international sports entities, underscores Thailand’s ambition to become a hub for major sporting events.
The Prime Minister highlighted the strategic importance of hosting events like the Formula One World Championship in Thailand, emphasizing the significant boost such events could provide to the country’s tourism sector.
“We and the organizers are both eager for this to happen. I’m confident we’ll have positive developments to report in the next few months,” Mr. Srettha said.
He expressed optimism about the mutual desire for collaboration between Thailand and Formula One.
Furthermore, Mr. Srettha explained that the proposed circuit would not only accommodate F1 and F2 events but also offer opportunities for young racers to compete.
This initiative reflects Thailand’s broader goals to cultivate a diverse sporting culture and provide platforms for emerging talents.
During his trip, Mr. Srettha also visited the renowned Formula One circuit in Imola, gathering insights on operational and infrastructural frameworks.
He noted that financial evaluations to gauge the economic impact of such a venture in Thailand have yet to be conducted.
However, preliminary expectations suggest that revenues from VIP tickets, which could cost between 5,000 and 8,000 US dollars, alongside sponsorships, food sales, and enhanced tourist activity, could significantly contribute to the local economy.
This ambitious project aims not only to elevate Thailand’s international sporting profile but also to stimulate economic growth through increased global visibility and tourism.
