Iran Positions Itself as BRICS Energy, Food Supply Partner

Iran is ready to serve as a strategic partner in BRICS energy, food and transportation supply chains, President Masoud Pezeshkian said Friday, citing the country's vast energy reserves and strategic geographic location.

Speaking at the BRICS Business Forum in New Delhi on Friday afternoon, Pezeshkian called food and energy security the two fundamental pillars of economic security, according to the government's official information portal. He said Iran, given its energy capacity and geographic position, is prepared for strategic cooperation with BRICS member states across energy, food and transportation supply chains.

Political or military pressure on any country's trade, energy, infrastructure or financial system sends effects beyond that nation's borders, Pezeshkian said, adding that such pressure can destabilize entire regions and even the global economy.

Emphasizing the need to convert trade cooperation into real investment, the president called for the New Development Bank to become the primary financing engine for BRICS member states through special credit lines, local-currency financing and guarantee instruments designed to attract private capital. Pezeshkian also proposed establishing a joint BRICS reinsurance company with US$10 billion in initial capital. - Shana