Thailand's cabinet has approved a US$1.2 billion bid to host a Formula One street race in its capital Bangkok in 2028, government officials said on Tuesday.

Thailand is accelerating its ambitions to join the Formula 1 calendar after the government approved a $1.2 billion budget.

Thailand’s cabinet approved a proposal for Bangkok to host a Formula One race for at least five years starting in 2028, earmarking 41.4 billion baht ($1.3 billion) in an effort to boost the nation’s image as a venue for international events and luxury tourism.