Over 5,300 new companies formed in Turkey in October

ANKARA (AA) - Some 5,314 new companies were set up in Turkey in October, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a report released on Friday.

The number of newly-established companies in October rose by 3.53 percent compared to the same month last year.

The union also said 983 companies went out of business in the month, which was an increase of 52.64 percent compared to the same month last year.

The chamber's report showed 352 foreign-partnered or foreign-funded new companies being established in October, down from 366 in the same month last year.

Some 123 foreign-partnered companies were founded directly by Syrians or by Syrians in partnerships.

Also, out of the total number of foreign-funded companies, 22 were Iraqi-funded, while 22 other were Iranian-funded.