The Industrial Estate Authority of Thailand (IEAT) plans to set up a subsidiary to oversee new businesses, notably 5G wireless technology, to keep pace with the global economy.
It set up a team to conduct a feasibility study of the plan last month and expects to produce the findings at some point between 2021-22.
The IEAT and state agencies need to adjust to economic challenges, including those caused by the pandemic, said IEAT governor Veeris Ammarapala.
"We are seeking new business opportunities, both in Thailand and abroad," he said.
"We expect our subsidiary will help us achieve this goal."
The new company is expected to work in a wide scope of business fields, including projects related to 5G wireless technology, infrastructure management in industrial estates, water and waste water treatment as well as a maintenance business.
Whether the subsidiary will be created depends on the result of the study, said Mr Veeris.
"We will move forward only if the study says it's feasible. Otherwise we'll stop the plan," he said.
The IEAT Act allows the authority to form joint ventures with Thai or foreign companies to embark on new businesses.
IEAT reported investment value in its industrial estates increased by 153% year-on-year from October 2020 to April 2021 to 113 billion baht.
The investment led to the employment of 8,783 workers.
However, IEAT land sales and leases over the past seven months decreased by 52.3% from 1,620 to 773.2 rai because investors were not able to travel to survey and examine plots of land.
"It's difficult for investors to travel here while the many parts of the world continue to be locked down with new cases of Covid-19," said Mr Veeris.
This obstacle caused IEAT to downgrade its land sale and lease target for this year to 1,200 from 1,500 rai, he said.