Hobart’s globally-recognised Museum of Old and New Art (Mona) is expanding internationally, with plans announced for a new museum in Thailand.

Mona founder David Walsh has signed a memorandum of understanding with Thai developer Asset World Corporation (AWC) to create MONA Bangkok, according to reporting from multiple outlets including The Art Newspaper and Pulse Tasmania. The new art destination will be situated on a waterfront site on the Chao Phraya River.

The agreement was signed in Bangkok on Friday, 10 July. Mr Walsh was joined by artist and curator Kirsha Kaechele and DarkLab chief executive Leigh Carmichael, as reported by Pulse Tasmania. The publication also noted that Tasmanian Premier Jeremy Rockliff attended the signing ceremony.

Under the terms of the 15-year agreement, AWC will build, own and operate the new museum, The Art Newspaper reported. Mona will be responsible for the architectural design, curation, and exhibitions.

Leigh Carmichael, who will lead the project for Mona, told The Art Newspaper that the new museum would not be a “replica” of the Hobart institution but would “take the creative spirit of Mona but come up with a new concept”. He also indicated a potential theme for the new museum could be an exploration of light, both “physical and metaphorical”.

While a firm timeline has not been finalised, Mr Carmichael mentioned an “optimistic” target opening date of 2029.

Premier Rockliff described the partnership as a “defining moment for Tasmania’s cultural and economic future”, according to Pulse Tasmania. He said the project places Tasmania at the “global forefront of the cultural landscape”.

Mona, which opened in Berriedale in 2011, has been widely credited with transforming Tasmania’s tourism and cultural scene, attracting more than 5.2 million visitors since its launch, as reported by Pulse Tasmania.

The original story was reported by ABC News (Tasmania).