An economic and trade complex is expected to be built in Qingdao of East China's Shandong Province, further promoting cooperation between China and ASEAN countries, sources said on Tuesday.

Aixinjueluo Yuhao, director of the Asia Economic and Trade Cooperation Council (AETCC), said the complex, comprised of an exhibition center and themed shopping mall featuring goods from ASEAN countries and high-end apartments, will require an estimated investment of up to US$700 million.

"As the name of the shopping mall suggests, I hope it will become a ‘Window of ASEAN'," Yuhao said.

AETCC is a regional quasi-non-governmental organization based in Vientiane, Laos, which is behind the deal with local authorities in Qingdao.

As part of the deal, Qingdao is supposed to allocate 200 mu (33 acres) of land in the city's Sifang District for the project and AETCC will coordinate investments and all other entities.

"Qingdao welcomes the project and will do our best to support it," said Wang Wenhua, director of the Standing Committee of Qingdao Municipal People's Congress.

Once the complex is finished, it will likely become a popular site for a host of ASEAN summits and meetings. The themed shopping mall will feature all kinds of goods from ASEAN countries sold at a price that's "not higher than local levels".

The initial project design has been finished and the complex will be completed within three years once the land plot is set, Yuhao said.

Yuhao, a Chinese Laotian and Chairman of Lao Construction Bank, said he found Qingdao attractive for the ASEAN complex for a number of reasons.

He said members of AETCC finally chose Qingdao to build the ASEAN Economic and Trade Park after visiting many other cities like Shanghai, Shenzhen, Changchun and Kunming.

"Qingdao is a more balanced choice," Yuhao said. "It is a beautiful coastal city with ports that many Southeast Asian countries dream of - especially landlocked Laos."

Laos seeks cooperation

A 20-member delegation from Laos, headed by Sinlavong Khoutphaythoune, secretary general of the prime minister's office, is in China from December 17 to 23 on a trip to seek cooperation and investment opportunities.

The delegation is scheduled to meet Gu Xiulian, president of the China-ASEAN Association in Beijing and then will head to Chengdu for their final stop on the tour.