Syrians lead investors in Turkish start-ups in 2015

ANKARA - Anadolu Agency

People buy food in front of a Syrian restaurant in Mersin, south of Turkey, on March 12, 2015. AFP Photo

Syrians started-up 32 percent of the total number of new companies established in Turkey by foreigners in the first four months of this year, according to data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

Syrians or Syrians in partnerships directly founded 491 companies, over 31 percent of the total number of start-ups by foreigners in the first four months of this year.

The total number of new companies or associations started-up in Turkey was 24,094 in the first four months of this year. Of these, 1,557 were started with foreign investors.

Out of the total number of foreign-funded companies for the January-April period, 113 were funded by German investors and 97 were started by investors from Iran.

Of the foreign-investor start-ups, more than one-third, or 580, operated in wholesale, retail trade and motor vehicle maintenance. Manufacturing ranked second with 212 firms, while the construction sector came third with 169 companies, the data showed.

A total of 6,022 new companies were established in Turkey in April, an increase of 22 percent compared with the same month of last year, while 894 companies went out of business.

The TOBB also said 8,222 companies were shut down in the country, 32 percent fewer than the figures of the previous year.

The number of companies established in Turkey with international capital in 2014 increased to 4,736, up from the 3,875 in 2013.

Out of the total number of foreign-funded companies in 2014, some 1,257 were funded from Syria, 302 were founded by German investors and 275 were financed by Iranian investors.