Thailand's Prime Minister Paetongtarn Shinawatra met Formula One chief Stefano Domenicali on Tuesday and said the government would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
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Formula One already has a crowded schedule of 24 races around the world with four in the Asia-Pacific region, including the Singapore Grand Prix in Southeast Asia.
Thailand has an FIA accredited track in Buriram in the northeast of the country, which currently hosts a round of the MotoGP motorcycling world championships, but the proposal is for a street race in the kingdom's capital.
"We had the opportunity to discuss the opportunity of Thailand to host the Formula 1 race, which is a great sport with a worldwide following," the Thai Prime Minister posted on X after the meeting with Domenicali at Government House.
"The government confirmed that it will study this joint investment, including the study of the race route, the investment budget, and the value for Thailand to receive from hosting the race."
Paetongtarn said she thought hosting a race would be an opportunity to upgrade Bangkok's infrastructure – the city's roads are notoriously clogged – and attract more tourists from abroad, particularly visitors in the "high-end" market.
"I believe that all Thai people will benefit from organising this event, whether it is large-scale infrastructure investment, job creation, new income generation, and importing new technologies and innovations," she added.
"I am confident that this project will be successful. It is another important opportunity for the country to organise a world-class event."
Formula One chief executive Domenicali also posted a statement on X, describing the plans for a Bangkok race as "impressive".
"I am looking forward to continuing our discussions in the weeks and months ahead," the Italian added.