New business filings in Turkey rose 14.4 percent year on year in 2017, a report by the Turkish Union of Chambers and Commodity Exchanges (TOBB) said Friday. TOBB said some 72,871 companies were established last year, up from 63,709 in 2016. In comparison, around 13,517 companies went out of business in 2017, marking a 22.5 percent increase from the previous year. The number of newly established companies that have foreign partners or foreign funds jumped 49 percent to reach 6,731 from 4,523 in 2016.

The report said an annual rise of 22.9 percent in the number of newly launched companies was reported in December alone, hitting 4,818 filings. Also in December, 717 foreign-partnered companies were established, the report added.