The Royal Thai Navy has requested 15 billion baht over the next five years to fund its plan to acquire a new frigate.
The cabinet has already agreed in principle, a source said.
The request was made through the Ministry of Defence in a budgetary plan proposed for the 2024 fiscal year, starting on Oct 1. The ministry's budgetary proposal was reviewed for the first time by the cabinet on Tuesday.
The first instalment requested in the 2024 fiscal year is 1.7 billion baht.
A number of shipbuilding companies in South Korea, Spain, Russia and France have expressed interest in carrying out the work. The frigate would be the second such vessel for the navy, said the source, who added the recently built HTMS Bhumibol Adulyadej, was constructed in South Korea.
In related news, Prime Minister Prayut Chan-o-cha, in his capacity as defence minister, told a recent meeting of the Defence Council that it should start implementing a national strategic plan on industry development, said Col Chitanat Punnothok, the deputy ministry spokesman.
Under the plan, Thailand is expected to rely less on imported defence hardware and develop its own defence industry, he said.