It would be better if you gave a few numbers to specify the types of numbers you want convert into text strings this way.

I tried both the numbers, 0 and 0.05. Assume they are in cells A2 and A3
Assume strings "ParaString" and "Time" in cells B2 and B3

The formula - ="0"&TEXT(A2,"##.##") - seems to convert the number in A2 to the text string 0.05, and the number in A3 to the text string 0. Assume these are in cells C2 and C3

Then the formula - ="<"&B2&">"&C2&"</"&B2&">" - (and B3/C3 in the same manner) is able to convert them to - <ParaString>0.05</ParaString>, <Time>0</Time> - in cells D2 and D3

This seems to be specific for these two numbers. That is the reason some more numbers would have been useful.