The Center for Analysis of Economic Reforms and Communication (CAERC) and the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) of the Organization of Islamic Cooperation (OIC) have signed a Memorandum of Understanding.

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

Addressing the signing ceremony, Vusal Gasimli emphasized the importance of cooperation between Azerbaijan's think tanks and SESRIC, highlighting the prospects for conducting joint activities with research institutions of OIC member countries.

Speaking about the economic potential of Islamic countries Qasimli said that in 2022, expenditures on individual sectors of the Islamic economy increased by 10 percent. “All related Islamic economy sectors, except travel, have returned to "pre-pandemic spend levels by the end of 2021. Muslim spending is forecasted to reach $2.8 trillion by 2025,” he added.

Zehra Zümrüt Selçuk said that SESRIC attaches special importance to establishing close relations with Azerbaijan, noting that the Memorandum of Understanding signed today will serve as a basis for joint cooperation between CAERC and SESRIC in the future.