Vice Premier Wu Yi said Tuesday that China and Israel have great potential in economic and trade cooperation and China welcomes Israel to play a more active role in its economic development.

In a meeting with Israel's Deputy Prime Minister Ehud Olmert, Wu said China and Israel are highly complementary in terms of economy and trade, and China encourages Israel to participate in its strategy of developing the western region and northeast industrial base.

China and Israel established full diplomatic ties in 1992, and trade between the two has increased by a factor of nearly 30 since that time.

Wu noted that the many agreements in trade, investment and technology signed by the two nations during the past years have produced remarkable results.

Olmert, who is also Israel's industry and trade minister, said the two countries have many interests in common and he hopes to accelerate cooperation in trade and technology with his China tour.

Olmert is visiting at the invitation of the Chinese Ministry of Commerce. He and his delegation will also visit Shanghai, China's economic hub, and Harbin, capital of northeast China's Heilongjiang Province.

(China Daily June 23, 2004)