New Zealand Prime Minister John Key (L) addresses a group of leading Chinese entrepreneurs including Jack Ma (R), Chairman of Alibaba Group, at a forum in Beijing on April 18, 2016.[Photo by Chen Yingqun/chinadaily.com.cn]

New Zealand Prime Minister John Key encouraged entrepreneurs from both China and New Zealand to cooperate and invest more in each other's markets during his visit in Beijing on April 18.

Key is currently visiting China to discuss upgrading the existing free trade agreement between the two countries. It's his sixth visit to China as prime minister.

"China is New Zealand's largest export market and the largest source of international students. Food, technology, and the experiences of New Zealand match well with China's needs," said Key.

"Whatever aspects or areas you look at, we see huge opportunities."

Key addressed a group of leading Chinese entrepreneurs including Jack Ma, Chairman of Alibaba Group, and Liu Chuanzhi, chairman of Legend Holdings Ltd, during the China Entrepreneur Club Leaders Forum in Beijing on April 18.

The forum, hosted by the China Entrepreneur Club, a business organization and non-government organization established in 2006, aimed at discussing sustainable developments and potential agreements between the two nations.

Key said one of the key reasons for his visit is to encourage the cooperation between entrepreneurs from both countries.

"In the past few years, bilateral investments between the two countries have grown quickly. We (China and New Zealand) can work together to sell goods and services to each others markets."

Key added that the bilateral trade value currently stands about 20 billion New Zealand dollars, and aims to make it 30 billion by 2020.

Under the witness of John Key and Jack Ma, The New Zealand Trade Enterprise and Alibaba Group held a memorandum of understanding signing ceremony, which will help more New Zealand businesses sell their products to China through Alibaba's platform.

"On a global scale, New Zealand has advanced in technology. Seeing platform like Alibaba, allows us to be excited about the many opportunities to send products and service directly to Chinese consumers," said Key.

China is New Zealand's second largest source for tourism. Last year, about 400,000 Chinese tourists travelled to New Zealand, a yearly increase of 42 percent.

"I expect a 30 percent growth every year. The indigenous culture of New Zealand is a great attraction to Chinese visitors," said Key.