Number of companies founded by Azerbaijanis in Türkiye up by 19%

In January-July 2023, Azerbaijani citizens established 151 companies in Türkiye, which is 19.3% more than in 2022, Report informs, referring to the Union of Chambers and Commodity Exchanges of Turkiye (TOBB).

According to the information, 27 of the companies founded this year (-10%) are joint-stock companies (JSC), and 124 (-21%) are limited liability companies (LLC).

The total capital of companies established during the reporting period was 167.13 million liras ($6.15 million; 70.9% more than in 2022), 91.4% or 152.703 million liras ($5.62 million); 2 times more) of which fell to the share of Azerbaijani citizens.

In July alone, Azerbaijani citizens founded 21 companies in Türkiye (22.2% less than in 2022). Six of the companies were JSCs (+75%), and 15 were LLCs (-28.6%). Some 80.5% of joint ventures with a total capital of 11.4 million liras ($419,600; 39.9% less) belonged to Azerbaijan.

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