PM Srettha’s Milan move: F1 races, and airport overhauls

Thailand Prime Minister Srettha Thavisin met with Intesa Sanpaolo, a leading international financial institution in Milan to discuss funding for Thailand’s Land Bridge project. The bank is aware of the Thai government’s plans to expand Suvarnabhumi, Phuket, and Chiang Mai airports and showed keen interest, hinting at future detailed discussions.

The prime minister also revealed that Intesa Sanpaolo is enthusiastic about green bonds, aligning with Thailand’s policy to issue bonds worth US$1 billion (approximately 36 billion baht) in July. Expected demand for these bonds is around 25%, or $250 million, with a roadshow planned for early or mid-July.

In a separate meeting with the president of the Industrial Design Association, which organises major exhibitions, PM Srettha expressed his desire to host an exhibition in Thailand. Milan, known as a city of design, inspires young designers, and the Bangkok-born Srettha seeks support for collaboration opportunities for young Thai designers. The response was positive, setting the stage for potential future exhibitions.

PM Srettha’s Italian tour also included a visit to the Autodromo Enzo e Dino Ferrari Circuit in Bologna, where he met with the track’s executives. Noting that Formula One hosts over 20 races globally but none in Thailand, the 62 year old Thai premier announced the government’s intention to bring an F1 race to Thailand.

The proposed racetrack would be built in the U-Tapao area of Rayong province, with plans discussed with key figures such as Chatchai Phromlert of PTT Public Company Limited and Kavin Kanjanapas of BTS Group Holdings Ltd.

“Thailand is ready to build the racetrack as early as 2027 or at the latest by 2028, with major support from PTT. We are confident that there will be good news in the coming months.”

PM Srettha acknowledged that while potential revenue from hosting the race is still unassessed, VIP tickets for an F1 Grand Prix range from US$5,000 to US$8,000, with additional income from sponsors and food sales, reported The Nation.

In Rome, the Thai prime minister met with executives from various sectors, including aviation, defence, insurance, consumer goods, energy, and automotive industries. These meetings aimed to exchange knowledge and gather insights to benefit Thailand while extending invitations to investors to drive the country’s economic growth.

ORIGINAL STORY: Thailand plans Formula One circuit near U-Tapao Airport by 2028

Prime Minister Srettha Thavisin announced plans to construct a Formula One racing circuit near U-Tapao Airport in Rayong province within the next three to four years. The prime minister shared this vision after meeting with Formula One Group executives in Milan yesterday.

The 62 year old prime minister emphasised the importance of international sporting events for boosting tourism, expressing the government’s intention for Thailand to host the F1 World Championship. Accompanying him at the meeting were Chatchai Phromlert, chairman of PTT Plc, and Kavin Kanjanapas, president of BTS Group Holdings Plc.

PM Srettha explained that PTT is expected to sponsor the construction of the new circuit, while BTS Group Holdings manages the expansive U-Tapao airport compound. The prime minister noted that the delegation received a favourable response from the F1 Group.

“I believe that we and the organisers both want this to happen. I am confident that there will be good news in a few months.”

The proposed circuit aims to host not only F1 and F2 races but also events for young racers. Although specific details have yet to be finalised, the government plans to begin construction of the circuit by 2027 or 2028 at the latest, according to the prime minister.

During his visit to Italy, the Bangkok-born Srettha also toured the Autodromo Enzo e Dino Ferrari F1 circuit in Imola, east of Bologna, to gather insights and inspiration for the future Thai circuit, reported Bangkok Post.