SANTIAGO, Oct. 23 (Xinhua) -- Chile should establish a long-term energy strategy to assure investments coordinated with social and environmental costs, the International Energy Agency (IEA) said in a report Friday.

    According to the IEA, the report "Chile Energy Policy Review 2009" makes an integral evaluation of Chile's energy sector, including institutional frames, energy security and environmental protection policies.

    The report supported Chile's government in creating the Energy Ministry, saying the project proposed to the Chilean National Congress was well underway.

    The IEA also believed the government should consider revamping its regulatory framework to assure long-term investment decisions integrated with social and environmental effects.

    IEA Director Nobuo Tanaka said the report "reaffirmed the necessity of Chile having a more strategic and long-term view on energy issues," adding that this was the most important point of the report.

    Ghislane Kiefer, IEA manager for Latin America, believed that Chile had a great opportunity to promote a green-energy revolution.

    Tanaka said despite the fact that Chile was facing many challenges, the country had tools to build a better future.

    Currently, Chile is one of South America's most stable and prosperous nations, with gas and mining as its main foreign direct investments sectors.