Newly established foreign-partnered companies double in 2018

Published 21.01.2019 00:07

The number of newly established foreign-partnered companies in Turkey doubled in 2018 year-on-year, official data has shown.

The figure rose from 6,731 to 13,405, according to data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

One of every 10 companies established in the last five years has been registered as "foreign-capital" in the trade register.

In Turkey, 57,710 companies were founded in 2014, while this figure rose to 66,701 in 2015. In 2016, when a failed coup attempt was orchestrated by the Gülenist Terror Group (FETÖ), the number of such companies stood at 63,709 despite a decrease of 4.5 percent compared to the previous year. The decisions taken to eliminate the impact of the coup attempt on the economy was also effective in the number of established and closed companies. The number of companies established in 2017 reached 72,871, while this figure rose by 17 percent to 85,279 last year compared to the previous year, thus totaling 346,270 in the last five years.

In the five-year period, the number of closed companies remained limited. While the number of companies closed in 2014 stood at 14,000, this figure dropped to 12,114 in 2015 and 11,000 in 2016. This figure, which was 13,517 in 2017, dropped down to 12,564 last year. Thus, in the five-year period, 63,235 companies ended their activities. When the number of established and closed companies was compared, the statistics showed approximately five companies started operating to each company that closed in the said period.

While the number of foreign-partnered companies increased between 2014 and 2018, with Syrian entrepreneurs and Turkish citizens entering joint business in this period.

Some 4,736 foreign-partnered companies launched operations in 2014, while in 2015 this figure reached 4,729. Syrians were part of 1,599 of the foreign-partnered companies established in 2015.

Of the 4,523 foreign-partnered companies that started operating in 2016, 1,764 had Syrian partners, while 6,731 foreign-backed companies established in 2017 included 1,202 firms with Syrian partners.

Last year, the number of companies with foreign capital doubled compared to the previous year, rising to 13,405. Of these, 6,867 had partners from Turkey, 1,595 from Syria, and 1,152 from Saudi Arabia.

The number of foreign-partnered companies established in the last five years has reached 34,124. Thus, one of every 10 companies established in the last five years has started to work with the support of foreign capital.

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