Thailand plans on bidding to host a Formula One race by 2028, the government said Monday, after Prime Minister Paetongtarn Shinawatra held her latest talks with motorsport bosses at the Monaco Grand Prix.
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A bid and feasibility proposal will be submitted to the Thai cabinet for approval on Wednesday next week, government spokesman Jirayu Houngsub said in a statement.
Plans for a Thai grand prix, most likely run as a street race in the capital Bangkok, have been under serious discussion for more than a year.
The Thai government has touted the idea of a "sustainable" race and Jirayu said the grand prix could benefit the kingdom to the tune of $600 million.
Paetongtarn has held multiple meetings with F1 chief Stefano Domenicali as she seeks to push the project forward, including at the weekend in Monte Carlo, home to the sport's most storied street race.
Most of Formula One's 24-race schedule is confirmed for several years but gaps are set to open up and Domenicali has suggested that Thailand could be a contender to join the circuit.
Last month, British-Thai driver Alex Albon of Williams said the kingdom was taking the idea "very seriously" and had come up with strong plans.
Formula One currently stages one race in Southeast Asia, in Singapore, which is regarded as the toughest race of the season because of the intense heat and humidity.