New Company Launches Up 32.1% During Jan-May In Turkey

During Jan May period, nearly 4,700 foreign partnered or foreign fund new companies launch, says report by top trade body.

The number of newly established companies in Turkey surged 32.1% year-on-year in the first five months of the year, the country's top trade body said on Friday.

Some 45,109 companies were launched this January-May, up from 34,159 in the same period in 2020, according to data released by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
 Among these, 4,685 were foreign-partnered or foreign-funded.
During the five-month period, 4,207 firms went out of business, a figure down 9.2% versus the same period last year.
Monthly figures
In May, 4,480 companies started doing business in Turkey, up 30.3% on an annual basis, according to TOBB.

The number of companies that went out of business also grew by 8.4% year-on-year to 556 last month.

According to the TOBB report, 490 companies with overseas capital were established this May. -