Some 200 representatives attending the "China-Israel Business Conference" in Beijing Tuesday said that the two countries will increase cooperation in economy and technology.

Bilateral economic relations developed rapidly since the two countries established their diplomatic relations 12 years ago. Israel has become the third biggest market for China in west Asia and North Africa, whereas China has become Asia's biggest and world's seventh market for Israel. The economies of two nations are highly complementary to each other, said Xu Guanhua, minister of Science and Technology.

Xu acknowledged that the Chinese government is now working hard to implement its strategies of developing both the western and northeast regions, and China is now in urgent need of introducing capital, advanced technology and science from overseas. The Beijing Olympic Games in 2008 and World Expo in Shanghai in 2010 will surely promote the wide usage of new material and technology in China, he said. The country's opening up and reform policy provided has more opportunities for the world, including Israel. China is ready to advance the long-term beneficial relations between the governments and enterprises of both countries.

Bilateral trade volume reached 1.6 billion US dollars in 2003, a rise of 40 percent over the previous year and the Israeli government valued China as one of the essential potential markets which can keep fast growth, said Ehud Olmert, Israeli deputy Prime Minister of Industry, Trade, Labor and Communication. Israel is willing to provide advanced technology in software, telecommunication, biotechnology, agriculture and medical equipment.

Israeli ambassador to China Yehoyada Haim said the two nations maintained healthy and rapid relations since 1992 due to China's fast economic growth and stable bilateral relations. The current agricultural and hi-tech cooperation will increase in the next few years and promote the cooperation in other areas, he noted.

(Xinhua News Agency June 23, 2004)