- ISTANBUL: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), the Statistical, Economic & Social Research & Training Center for Islamic Countries (SESRIC) and the Economic Policy Research Foundation of Turkey (TEPAV) signed a memorandum of understanding (MOU) to promote and support the development of Special Economic Zones (SEZs).
Khaled Al-Aboodi, CEO and General Manager of ICD, Dr. Savas Alpay, Director General of SESRIC and Dr. Umit Ozlale, Director of TEPAV, signed the MOU in Istanbul, Turkey, on Oct. 6 on the sidelines of the 26th Session of COMCEC.
The three organizations have a common vision for SEZs projects to serve as a platform to promote the development of private sector and economic integration of the member countries of the Organization of Islamic Conference (OIC).
The three institutions will bring to the agreement their respective areas of expertise to further economic cooperation.
The agreement also specifies that the three institutions work together to strengthen cooperation by establishing working relations at all levels and jointly develop and disseminate advocacy papers and other high impact reports that promote SEZs projects.
The institutions have pledged to consult and exchange information to benefit from each other's experiences, resources and expertise, especially regarding economic, financial, and business information relating to OIC member countries and information with respect to best practices, potential projects and initiatives countries related to SEZs.
The bodies agreed to jointly explore, and if deemed feasible, undertake other joint programs and initiatives as well as promote joint research and studies on subjects of mutual interest.
The institutions will liaise with one another and would also consider supporting each other through jointly conducting due diligence on specific feasible projects that have been identified for possible cooperation.