HAIKOU -- An expansive beach market project that is expected to become one of the largest of its kind in Asia attracted a gathering of international investors and merchants for a signing ceremony in south China's Hainan province on Sunday.

The Baishamen Beach Market, currently under construction in the coastal Haikou City, is expected to boost trade and strengthen cultural ties with Thailand and the wider Southeast Asian region, which shares many aspects of Hainan's tourist economy.

The project aims to sign about 800 merchants, 300 of which from Southeast Asia.

Building commenced in February and is already nearly one-third completed. The rapid progress is thanks in part to the total investment in the project topping 30 million yuan (around four million U.S. dollars).

The developer says the project is expected to promote in-depth cultural and trade exchanges with Thailand and other Southeast Asian countries across various fields in the future.

Many potential partners are already excited about the market's potential to bring more regional flavors to residents and visitors in Hainan, which is already one of China's most popular domestic tourist destinations.

"We want to present Thai culture and offer Thai experience to Hainan through the opportunity provided by the Baishamen Market in the hope that people in Hainan can enjoy authentic Thai food and culture without having to go abroad," said one Thai merchant who attended the signing ceremony.

Those in charge of the project believe the market could serve as a model for international collaboration in the tourism sector.

"Through the cooperation, we will strengthen cultural and trade connectivity between the two sides in all aspects, help promote the implementation of the project, and strive to make the Baishamen Beach Market a shining new example of the China-Thailand economic and trade cooperation and exchange," said Ma Haijun, general manager of the Meilan District Tourism Investment Development company.

The new project comes amid accelerating growth in the trade volume between China and Southeast Asian countries, which increased by 15 percent in 2022, aided by the new Regional Comprehensive Economic Partnership (RCEP)agreement which came into force at the start of last year.