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China-Israel trade volume topped 3 billion U.S. dollars in 2005, the highest among Israel's trade volumes with Asian economies, a Chinese diplomat said on Wednesday.

Addressing a plenary session of the Prime Minister's Conference for Export and International Cooperation attended by more than 1,000 business people from around the globe, Zhang Xiao'an, charge d'affaires of the Chinese Embassy to Israel, said that China-Israel economic cooperation has enjoyed a high growth rate since 1992.

"The average annual growth rate of bilateral trade in the past 14 years is 40 percent. Last year, bilateral trade volume reached 3 billion U.S. dollars," she said, noting that "we expect the volume to reach 5 billion dollars by 2008."

"Our trade volume ranks No.1 among Israel's trade with Asian economies in 2005, and No.6 in the world," she said.

On business opportunities in China, Zhang said that Israel had set up more than 200 companies in China by the end of last year, while 800 Israeli companies are currently doing business in China as Chinese and Israeli economies are complementary in many areas, which promises great business opportunities.

Zhang also highlighted sectors of information technology, life science, agricultural technology, environmental protection as ones of great opportunity for Israeli enterprises, on the ground that China has a huge market and Israel has unique knowledge and innovative products.

For benefits of Israeli business people, Zhang also gave specific advice on how to do business in China.

The two-day conference was held for business people from Israel and the rest of the world to seek cooperation opportunities, acquisitions and transactions.

Israeli Prime Minister Ehud Olmert, Deputy Prime Minister Shimon Peres, Foreign Minister Tzipi Livni and other ministers attended the conference.

(For more biz stories, please visit Industry Updates)