ISTANBUL

A total of 9,856 new companies were established in Turkey in February, up 7.7% on an annual basis, the country’s top trade body said on Friday.

Some 769 companies went out of business last month, down 6.7% year-on-year, according to data released by the Turkish Union of Chambers and Commodity Exchanges.

Over 86% of the new firms were limited companies and 13.9% were joint stock companies.

The top three fields of operation among new companies were wholesale and retail trade, manufacturing, and construction.

In February, 1,081 companies with foreign partners were established.

A majority of the new companies – 4,060 – opened in Istanbul, followed by 925 in the capital Ankara, and 554 in the Aegean province of Izmir.

During the month, 145 cooperatives were also launched, according to the data.

2021 figures

A total of 20,185 new companies were set up in Turkey over the first two months of this year, marking a 7.9% annual rise.

In this period, 1,721 companies were liquidated, a 41.5% decrease compared to the first two months of 2020.

Copyright 2021 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.