Thailand expects to start hosting Formula One race from 2028, marking a key milestone for the Southeast Asian nation’s bid to position itself as a venue for world-class events, according to Prime Minister Paetongtarn Shinawatra.

The government will study the investment requirement, economic benefits to Thailand and the possibility of holding the competition in a street circuit, Paetongtarn said in a post on X after a meeting with F1 CEO Stefano Domenicali in Bangkok on Tuesday.

Thailand had last year pitched Bangkok as a circuit for a street race that will help burnish the nation’s status as a major tourism hub and draw high-spending tourists. Subsequently, F1 executives visited the Thai capital to survey and study the routes for the race.

About a third of the 24 F1 races scheduled for the 2025 season, which began with the season opener in Melbourne last weekend, will be held on a street or hybrid circuit, compared to around 15% a decade prior.

The street circuit races take place either entirely or partially on closed-off public roads that have been transformed briefly into motorsports venuesr. Singapore, for example, hosts its F1 race on the Marina Bay Street Circuit, located on the city’s waterfront.

Paetongtarn’s administration has built on the efforts of her predecessor, Srettha Thavisin, in positioning the tourism-reliant nation as an ideal location to host concerts by the world’s top artists and festivals. The country already hosts a MotoGP race.

Winning the right to host an F1 race will not only be an opportunity to develop the city’s infrastructure but also draw a large number of tourists, the prime minister said. The event can create additional jobs and emerge as a new source of income for the services industry among others, she said.