YINCHUAN -- Vice-Premier Li Keqiang on Wednesday called on China and Arab countries to expand cooperation in finance, oil and gas and renewable energy.

Li made the remarks as he addressed the 2012 China (Ningxia) International Investment and Trade Fair and 3rd China-Arab States Economic and Trade Forum in Yinchuan, capital of Northwest China's Ningxia Hui autonomous region.

"China and Arab states enjoy broad prospects for cooperation and the two sides need to expand the scale and upgrade the level of their work together," he said.

"China is a stable market for products from Arab countries. The Chinese side is encouraging its companies to engage in manufacturing and infrastructure construction in Arab countries," said the vice premier.

He noted that Ningxia has been an important connection for China and Arab states since ancient times and it is in a golden period for development of China's mid-west.

"Ningxia will soon establish a new economic inland pilot zone and a comprehensive bonded area, which will provide a great platform for communication between Ningxia and Arab countries as well as other developing countries and developed countries," he added.

The current trade volume between China and Arab countries is nearly $200 billion and mutual investment has grown eight-fold over the past 10 years, according to Li.