China and Russia will further promote two-way investment in a bid to strengthen ties between the two soaring economies, senior trade officials said in Russian city of Sochi on Thursday.

"China-Russia cooperation in various fields is expanding while the cooperation mechanism keeps improving," Ma Kai, Chinese minister in charge of the National Development and Reform Commission (NDRC), told an investment-promotion conference at the Black Sea resort.

Chinese investment in Russia has grown annually by 100-160 percent since 2004, Ma said, noting that the two countries have inked agreements on 24 projects valued at US$3 billion.

Progress has also been made in cooperation in forestry, infrastructure, the processing industry, the high-tech sector, as well as in the agriculture and energy sectors, Ma noted.

He suggested devising plans for future cooperation, and that delegates take advantage of the conference to facilitate two-way investment and provide preferential policies.

Russian acting Minister of Economic Development and Trade German Gref spoke highly of the conference, saying Chinese companies are welcome to invest in Russia, especially in energy, forestry, industry, the high-tech sector, transportation and the Sochi Winter Olympics projects.

China's direct overseas investment reached US$21.16 billion last year, ranking 13th in the world.

Some 10,000 Chinese-funded companies had been established in 172 countries and regions by the end of 2006, official figures showed. Hong Kong, the United States, Russia, Japan, the United Arab Emirates, Vietnam, Australia and Germany were the most popular on the destination list.