Syrians top start-ups list in Turkey

ANKARA - Anatolia News Agency

Syria topped the foreign-partnered company start-ups in Turkey within the first five months of the year as Syria-based firms invested in more than 200 newly established companies, data obtained by the Union of Chambers and Commodity Exchanges of Turkey (TOBB) showed.

Between January and May, 1,672 foreign capitalized companies were established in Turkey, while 206 of them were founded by Syria-based companies – directly by them or with their partnership, but either way with money coming from the war-torn country.

Germany and Iran follow Syria

German-based companies were right behind their Syrian counterparts, taking part in the foundation of 169 companies within five months, while Iranian firms came in third with 132 companies.

Around 75 percent of the capitals of these foreign-partnered companies were provided by foreign companies.

In the greater scheme of things, more than 21,700 companies were founded in Turkey between January and May, almost a 40 percent hike from last year.

The companies and cooperatives established in the meantime have been unsurprisingly concentrated in the country’s financial and industrial center, Istanbul.

Some 40 percent of these new businesses were established in Istanbul while 12.3 percent were in the country’s capital Ankara. Izmir accounted for almost 6 percent of the start-ups for the period. In three Turkish cities, Artvin, Kars and Kilis, there weren’t any newly established companies.

Foreign-resident Turks established 166 companies abroad.