"One important aspect of our discussion held on Thursday related to international energy supplies," he said at the 99th annual general session of PHD Chamber of Commerce and Industry in New Delhi.
The issue of energy security is very important for the global investment climate, he said adding, the global energy crisis is not going to be over soon unless normalcy returns to Iraq.
"There was an expectation that the prevailing situation in Iraq would settle down once US election gets over. Unfortunately this has not happened," he said.
India, for instance, has witnessed three oil shocks and meets about 85 per cent of energy requirement through imports he said adding "the political establishment and leadership globally should work in a concerted manner by adopting a commonality of approaches in this regard".
On the issue of allowing private players in defence production, which was raised by outgoing PHDCCI president Ravi Wig, the minister said "We are awaiting Kelkar committee's report on this issue".
The committee is expected to submit its report shortly, he said and added "we want to further streamline procedures".
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