APEC calls for investment

GYEONGJU – Pacific rim energy ministers yesterday called for “urgent and signficant” investment to meet their countries’ growing need for energy, vowing joint efforts to tackle high oil prices.

Participants at the 21-member Asia-Pacific Economic Cooperation (APEC) forum on energy and mining agreed that energy issues are a serious concern for their “sustainable economic development,” a joint statement said. “Urgent and significant investment is essential if APEC economies are to increase supply and improve demand-side efficiency to meet our growing energy needs,” it said.Consumption of energy in the Pacific rim nations is expected to increase two percent every year going forward while the APEC economies already consume 59 per cent of global oil production, the organisers said.- Nampa-AFP”Urgent and significant investment is essential if APEC economies are to increase supply and improve demand-side efficiency to meet our growing energy needs,” it said.Consumption of energy in the Pacific rim nations is expected to increase two percent every year going forward while the APEC economies already consume 59 per cent of global oil production, the organisers said.- Nampa-AFP