SEOUL -- Visiting Chinese Premier Wen Jiabao said on Wednesday that China was willing to further open its market to South Korea and increase imports from the neighboring country.

Wen said both countries should implement the joint research report on long- and medium-term cooperation, improve bilateral economic and trade cooperation and the mechanism for dialogue and create a more convenient and efficient trade environment.

He said they should try to achieve the goal of annual trade volume of 200 billion U.S. dollars as early as possible.

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In November 2005, Chinese President Hu Jintao and his South Korean counterpart Roh Moo-hyun agreed that the trade volume between the two countries should increase to 200 billion dollars in 2012.

Wen made the remarks at luncheon with entrepreneurs from both countries.

He suggested both sides continue to optimize trade structure and expand trade on agricultural products, high-tech and service products.

China appreciated South Korea's efforts to correct the trade deficit on the Chinese side, and hoped that South Korea would further lower importing barriers to let more Chinese products enter its market.

Wen said the Chinese government encourages South Korean enterprises to participate in the revitalization of the old industrial base in northeastern China.

"South Korean enterprises are welcome to participate in the infrastructure and ecological environment construction in western China, the revitalization process of the old industrial base in northeastern China, and the restructuring of the state-owned enterprises,"

Both sides should join efforts to eliminate all barriers and promote mutual investment, he said.

China hopes that South Korean enterprises could expand their investment in such sectors as agriculture, high-tech industry and services, Wen added.

He said the Chinese government encourages and supports South Korean enterprises to invest in China.

Bilateral trade between the two countries has achieved rapid development in the past 15 years. The trade volume between the two countries reached 134.3 billion U.S. dollars last year, a 260-percent increase from the 50 billion dollars in 1992.

South Korea has set up more than 30,000 enterprises in China by the end of 2006, with an accumulated investment of 35 billion dollars. Meanwhile, more and more Chinese enterprises choose to invest in South Korea.

Wen arrived here on Tuesday morning for his first visit to South Korea as a premier. He held talks with his South Korean counterpart, Han Duck-soo, and South Korean President Roh Moo-hyun on Tuesday, and attended the opening ceremony for the China-South Korea Exchange Year.

He will leave for Japan on Wednesday and is scheduled to conclude his current two-nation Asia tour on Friday.