The number of Syrian companies founded over the last year has surged by 85 percent, according to report released yesterday by the Economic Policy Research Foundation of Turkey (TEPAV).

As a result of Syrian companies being established, Turkey's southern Kilis province outperformed all other provinces and ranked first in terms of the proportion of companies with foreign partners.

A total of 163 out of 1,377 foreign-capitalized companies established in September 2018, corresponding to 11.8 percent, belonged to Syrians.

The Syrian capital of companies with Syrian partners reached TL 28.9 million ($5.4 million).

The number of Syrian-capitalized joint venture companies established in September 2018 soared by 85.2 percent compared to September 2017, while the Syrian joint capital increased by 144.7 percent in the same period.

Moreover, more than half of the companies with foreign capital established in the southern city of Mersin in September 2018 were Syrian-capitalized joint venture companies.

Regarding the sector, most of these Syrian-capitalized joint venture companies were in the wholesale trade sector.

Foreign-capitalized companies established in Turkey constituted 16.1 percent of all companies. In terms of provinces, Kilis ranked first with 57.9 percent, followed by Hatay with 39.2 percent, Mersin with 34.1 percent and Gaziantep with 26.3 percent.

The number of foreign-capitalized joint venture companies established in Turkey in September 2018 rose by 154.5 percent compared to September 2017 and by 16.7 percent compared to August 2018.

The total foreign joint capital fell by TL 4 billion (91.4 percent) compared to last year and increased by TL 70 million (23.4 percent) compared

to last month.