Quartet Representative Tony Blair today urged private sector investors to attend a Bethlehem conference in May, saying Palestine is "open for business."

The conference is an "important opportunity for us to show that despite all the problems that are obvious and evident, nonetheless here, in this part of Palestine, it is actually open for business," Tony Blair said at a press conference with Palestinian Prime Minister Salam Fayyad.

"The world is invited to this party we are throwing," added Prime Minister Fayyad. "From the depths of all this misery, we Palestinians are determined to authorise and to build that state despite all obstacles."

The May 21-23 conference in the West Bank town of Bethlehem is aimed at drawing investment to the Palestinian economy.

Mr Blair said that the conference was the private sector partner to the Paris Donors Conference last December which secured international donor pledges of $7.7 billion for the Palestinian Authority.

Both Mr Blair and Prime Minister Fayyad called on Israel to support moves to aid economic development and encourage investment.

"In order to achieve the economic change that we want we've also got to get a lifting of the access and movement restrictions," said Tony Blair.

"We have to create the conditions on the ground where the parties and, more important, the people think there is a real prospect for change. There is a credibility gap between what people are negotiating about and what they can see in their daily lives."

Click here for the official Palestine Investment Conference website