Unable to Connect to Named Instance of SQL Server

I came across a strange Issue today. I had a default instance of SQL Server installed on my Machine which was up and running and was able to connect to this Instance from Remote machines.

Now some testing purpose, I wanted another instance on Same Machine. So I installed the Same version of SQL Server Named Instance on the Machine, Rebooted the machine after installation. I was able to connect to Named Instance Locally. When I tried connecting to this Named Instance remotely, I was not able to connect.

Then I checked for Named Pipes and TCP/IP enabled or not, it was enabled.

Then when I check in the Properties on TCP/IP I found that Named instance was configured to use Dynamic Ports and IP4 was using  the Local IP which is 127.0.0.1

I changed the Dynamic port to Static Port and gave the actual IP address and checked that  the browser service was stopped as well. I started the Browser services and then I was able to connect to this Named Instance Remotely.