Visiting Azerbaijani President Ilham Aliyev said Friday that fast-developing China and Azerbaijan have a "vast range" of prospects in economic and trade cooperation and that Azerbaijan will create "sound conditions" to attract more Chinese investment.

Aliyev made the remarks at Friday's China-Azerbaijan Economic (Investment) Forum. He said the two countries could expand cooperation in agriculture, petrochemical, tourism and construction, after having conducted well cooperation in energy. In three or four years, Azerbaijan's oil exporting capacity will double, which will be helpful to the Chinese economy in growing need of oil, said Aliyev.

He welcomed Chinese companies to invest in Azerbaijan, saying the country will offer attractive conditions in laws and other areas to lay a solid foundation for cooperation of mutual benefits, with the forum as a good turning point.

Aliyev said the current bilateral trade as very active and benefiting from the sound bilateral political relations.

"The two countries have a lot in common, and the overall development of bilateral trade is in the common interests of the two countries and the two peoples," Aliyev said, suggesting the two countries continue to strengthen and consolidate "sound and dependable partnership of cooperation."

Aliyev also praised China's great achievements in its reform and opening up over the past 20 years, saying China's success mainly depends on its definite plan, strong leadership and social support. The experience, he said, is also conducive to Azerbaijan's economic reform.

China also vowed to further political and economic ties with Azerbaijan. Chinese President Hu Jintao said Thursday China will promote changes enhance dialogue, political trust and economic cooperation in a meeting with Aliyev, after which the two sides signed a joint statement and an agreement on trade and economic cooperation.

At the forum, Chinese Vice Minister of Commerce Zhang Zhigang said bilateral economic and trade cooperation has been growing vigorously with expansion of scale and fields, calling on companies of both sides to focus on key projects of cooperation, take various means and methods, and promote direct exchanges and dialogues.

Thirty Azerbaijani and dozens of Chinese companies attended Friday's forum sponsored by the Chinese Ministry of Commerce, the Azerbaijani Embassy in Beijing and the Ministry of Economic Development of Azerbaijan.

Companies of both sides negotiated directly and signed 16 initial agreements of cooperation by press time, in oil and gas, construction, textile and computer.

In 2004, trade volume between China and Azerbaijan reaches 1,840 million US dollars, with 40 million US dollars of oil and related products exporting from Azerbaijan to China.