A Memorandum of Understanding was signed between the Center for Analysis of Economic Reforms and Communication (CAERC) and the Statistical, Economic and Social Research and Training Center for Islamic Countries (SESRIC) of the Organization of Islamic Cooperation (OIC).

The memorandum was signed by Professor Vusal Gasimli, Executive Director of CAERC, and Zehra Zumrut Selçuk, General Director of SESRIC, former Minister of Family, Labor, and Social Services of Türkiye.

During the ceremony, V. Gasimli emphasized the importance of cooperation between Azerbaijan's think tanks and SESRIC and highlighted the prospects of conducting joint activities with research institutions of OIC member countries. Discussing the economic potential of Islamic countries, V. Gasimli mentioned that in 2022, expenditures on individual sectors of the Islamic economy increased to 10 percent. He stated, "Except for travel, expenditures on all related sectors of the Islamic economy will return to the pre-pandemic level by the end of 2021. These costs are predicted to reach 2.8 trillion US dollars by 2025."

Zehra Zumrut Selchuk, General Director of SESRIC expressed the institution's special importance in establishing close relations with Azerbaijan. She stated that the Memorandum of Understanding signed today would serve as a basis for joint cooperation between IITKM and SESRIC in the future.

During the signing ceremony, discussions included the book "Turkic States Economy" prepared together with the Organization of Turkic States. It was also announced that the "Islamic finance" textbook would be published soon. The importance of cooperation opportunities, conducting joint research, and organizing seminars and training in this regard were emphasized.

The ceremony was attended by the first deputy chairman of the State Committee for Work with Religious Organizations of the Republic of Azerbaijan, Agil Shirinov, Rector of the Azerbaijan Institute of Theology and other officials.