If successful, the Thai capital would win a contract to host a race each year from 2028 to 2032, government spokesman Jirayu Houngsub told a news conference.

“In the next 2-3 years, Thailand will have world-class competition, which we never thought would actually happen in Thailand,” Jirayu said.

Tourism minister Sorawong Thienthong told reporters the bid is worth about ฿40 billion (US$1.23 billion).

In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula One chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.

Hosting the race will help promote tourism, a key driver of Thailand’s economy, the government has said.

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 Jirayu Houngsub world championships, but the proposal is for a street race in the kingdom’s capital.