The number of newly established companies in Turkey rose 19.7 percent year-on-year in the January-October period, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said Friday.

According to TOBB, a total of 71,907 companies were launched in the first 10 months of this year, up from 60,063 in the same period last year.

The figures showed that some 9,467 companies went out of business from January to October - an annual decrease of nearly 9 percent. A total of 11,085 foreign-partnered or foreign-funded new companies were launched between January and October.

In October, 7,081 new companies started doing business in Turkey, rising 2.4 percent on an annual basis, according to the TOBB. The October figure was also up 12 percent month-on-month. The number of foreign-partnered or foreign-funded new companies reached 1,504 last month.