Turkey: Over 5,550 startups launched in February

By Tuba Sahin

ANKARA

A total of 5,551 new companies were started in February, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a report released Friday.

The number of newly-established companies last month fell by 11.87 percent compared to the same month last year.

TOBB also said 762 companies went out of business in February, an increase of 2.53 percent compared to February 2016.

Friday's report showed 409 foreign-partnered or foreign-funded new companies were established in the second month of the year, down from 450 in the same month last year.

Some 159, or 39 percent, of foreign-partnered were founded directly by Syrian nationals or Syrians in partnerships.

Out of the total number of foreign-funded companies in February, 25 were Iran-backed, followed by Iraq with 24 companies.