Visiting Colombian President Alvaro Uribe Velez said Friday in Shanghai that Colombia highly values economic and trade cooperation with China and welcomes more Chinese companies to invest in Colombia.

"I hope more Chinese companies will invest in Colombia, and the two countries' companies can further enhance cooperation," Uribe said.

Last year, China's exports to Colombia reached 1 billion US dollars, accounting for one twelfth of Colombia's total imports. Colombian exports to China were valued at 130 million US dollars.

Uribe arrived in Shanghai from Beijing Friday morning to continue his state visit. He went from the airport Pudong New District to learn about the development zone's policies toward foreign investment in finance and taxation, land utilization and public services.

He said he hopes Colombia can set up a development zone similar to Pudong to attract foreign investment. Colombia also wants to establish a business office and a consulate in Shanghai.

When visiting the Research and Development Department of Zhongxing Telecom Company Limited, Uribe said he was amazed at the company's rapid progress in development of new technologies, expressing the hope that Colombia can find long-term cooperation partners in China to help the development of Colombia's telecommunication industry and improve its outdated equipment and backward technology.

At the meeting with Shanghai Vice Mayor Feng Guoqin in the evening, Uribe said he brought with him not only high-ranking government officials but also 144 entrepreneurs and 32 university presidents, which shows Colombia attaches great importance to cooperation with China in economic, trade and other fields.