Thai PM explores potential projects with Italian investors in Milan

Prime Minister Srettha Thavisin embarked on a visit to Milan, Italy, where discussions with prominent investors from financial institution Intesa Sanpaolo highlighted potential avenues for collaboration on key infrastructure projects in Thailand.

During his meetings, the 62 year old Thai prime minister disclosed plans regarding the Land Bridge project and the possibility of hosting a Formula One race in Thailand.

In talks with Intesa Sanpaolo, PM Srettha underscored Thailand’s ambitious plans for infrastructure development, including the expansion of major airports such as the Suvarnabhumi International Airport, as well as with Phuket, and Chiang Mai airports.

Intesa Sanpaolo expressed interest in supporting these initiatives, with potential financial backing and further discussions anticipated in the near future.

Moreover, the bank’s enthusiasm for green bonds resonated with the Thai government’s strategy, following plans to issue bonds valued at approximately US$1 billion (36 billion baht) in July.

Anticipated demand for these bonds stands at around 25%, or US$250 million, with a roadshow scheduled for early to mid-July to further attract investors.

Wider partnership

Engagements extended beyond the financial realm as the Bangkok-born Srettha met with the president of the Industrial Design Association, exploring opportunities for collaboration in holding exhibitions in Thailand.

Recognising Milan’s status as a design hub, the Thai prime minister sought to foster ties to inspire young Thai designers and facilitate their involvement in exhibition projects.

Transitioning to Rome, Srettha engaged with executives spanning diverse sectors, including aviation, defence, insurance, consumer goods, energy, and automotive industries. These interactions are aimed at fostering knowledge exchange and soliciting insights to catalyse Thailand’s economic growth trajectory.

In a bid to stimulate investor interest and bolster economic partnerships, the Thai PM extended invitations to stakeholders to participate in Thailand’s journey towards sustainable development and prosperity.

A significant highlight of the visit was PM Srettha’s excursion to the Autodromo Enzo e Dino Ferrari Circuit in Bologna, where discussions with track executives revolved around the prospect of bringing Formula One to Thailand.

Expressing determination to secure Thailand as a host for an F1 Grand Prix, Srettha identified the U-Tapao Airport in Rayong province as a potential site for the racetrack.

Backed by giants

Key stakeholders, including the Chairman of the board of directors of PTT Public Company Limited, Chatchai Phromlert, and Kavin Kanjanapas, director and CEO of BTS Group Holdings Ltd, have been consulted regarding the ambitious plan.

With aspirations to commence construction as early as 2027, the prime minister exuded confidence in the project’s feasibility and hinted at imminent positive developments.

While revenue projections from hosting the F1 race are yet to be evaluated, PM Srettha acknowledged the lucrative nature of the event, citing VIP ticket prices ranging from US$5,000 to US$8,000 per person.

Additionally, additional income streams from sponsors and concessions are expected to bolster economic gains, reported The Nation.