According to BRICS press release, the BRICS accelerate development of the International North-South Transport Corridor (INSTC). BRICS business communities will invest in expediting this initiative.

Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, confirmed this in a statement to Sputnik published on Thursday.

The chamber’s head stated that the initiatives in the pipeline span financial services, investment, industrial and energy development, commerce, and international collaboration.

Russian enterprises have also sought new collaborations with friendly nations to secure food security, a sustainable supply of power, and energy efficiency, among other areas of cooperation, according to Katyrin, who added that joint ventures in pharmacology and biotechnology have already been created.

The INSTC is a 4,500-mile multimodal transportation route that will convey passengers and freight from Asia to Europe via Russia, providing an alternative to the Suez Canal, which connects Europe, the Persian Gulf, and nations in the Indian Ocean.

The INSTC will connect BRICS Nations and allied countries.

Website quoted themalaysianreserve.com as the source for the information

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