New firms launching in Turkey up by 6.6% Jan-Oct

ANKARA

The number of newly established companies in Turkey rose by 6.6% year-on-year in the first 10 months of this year, the country's top trade body said on Friday.

Some 89,729 companies were registered between January and October this year, up from 84,172 in the same period in 2020, according to data released by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

During this period, 10,872 firms went out of business, a figure down 3.1% versus the same period last year.

Monthly figures

In October, 9,336 companies started doing business in Turkey, down 9% on an annual basis, according to TOBB.

Last month, there were 1,499 enterprises that went out of business, up 18.9% year-on-year.

A total of 1,259 new companies with foreign-partnered or foreign-funded were launched in the month, with 683 having Turkish partners, 127 having Iranian partners, and 32 having Iraqi partners.

The capital investments of foreign capital partners account for 78% of the total capital of foreign joint venture enterprises.