PARIS, April 13 (Xinhua) -- Visiting Israeli President Shimon Peres said here on Tuesday that the peace negotiations between Israel and the Palestinians should be relaunched soon and a Palestinian state could be set up as long as it was in Israel's interest.

"It's already late. A negotiation must be relaunched urgently so that we can reach a compromise ... We should help to create a Palestinian state in Israel's interest," the president said after meeting with French Prime Minister Francois Fillon.

On the first day of his Paris visit, Peres said too much time has been lost in terms of resetting the peace talks with the Palestinians. Nevertheless, he didn't comment on an earlier suggestion from Paris to hold a peace conference under the mediation of France.

Focusing on the inauguration of Ben Gurion Promenade in Paris, the Israeli president is also expected to meet with his French counterpart Nicolas Sarkozy and other top French officials during his three-day visit.

Besides attending strings of events and ceremonies, Peres will discuss with top French officials about bilateral relations, the Iran nuclear issue and the fate of captive soldier Gilad Shalit, who holds dual Israeli and French citizenship.