India for boosting energy cooperation between Asia, Europe

Last Updated: Tue, Nov 06, 2012 16:20 hrs

Vientiane (Laos), Nov 6 (IANS) Energy cooperation between Europe and Asia should include "sharing of best energy practices" and promoting greater dialogue between energy exporting and importing countries, India said Tuesday.

Addressing the plenary summit of the Ninth ASEM (Asia-Europe Meeting) in the capital of Laos, Indian External Affairs Minister Salman Khurshid said the dialogue on energy cooperation "should also facilitate the promotion of renewable energy, development of energy saving industries, energy efficiency and clean energy technologies".

He said the bloc, which comprises 49 countries and three institutions, also needs to "explore newer models for financing of energy infrastructure".

"All these issues are a matter of priority for India, an energy deficit country where half the population does not have proper access to commercial energy. For us and for much of Asia, energy security is not merely "economic growth" but more an issue of basic needs of sustenance and poverty eradication. We look forward to working with ASEM members to meet these concerns and challenges," he stressed.

Emphasizing that since Asia will account for 52 percent of global GDP by 2050, according to the Asian Development Bank, "a mutually beneficial partnership is called for between Asia and Europe through increased trade and investment linkages."

This would help both ways. "While Europe would get access to the markets of Asia, the developing countries of Asia can benefit from European investments, technology transfer, knowledge and innovation. It would be a win-win situation for employment generation and sustainable growth in both the Continents," he said.

The grouping brings together a collective resource of around 60 percent of the world's population, 50 percent of global GDP and almost 60 percent of world trade.

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