Number of companies with Azerbaijani capital in Turkiye up by 48%

In 2022, Azerbaijani citizens established 350 companies in Turkiye, which is 47.7% more than in 2021, Report informs, referring to the Union of Chambers and Commodity Exchanges of Turkiye (TOBB).

According to information, 56 of the companies founded last year (24.4% more than last year) are joint-stock companies, and 294 (53.1%) are limited liability companies.

The total capital of companies established during the reporting period was 215.26 million liras ($11.447 million; 2.8 times more than in 2021), of which 76.4% or 164.565 million liras ($8.752 million) USD; 2.6 times more) fell to the share of Azerbaijan.

In December last year alone, Azerbaijani citizens founded 29 companies in Turkiye (38.1% more than in 2021). Seven of the companies were joint-stock companies (75% more), and 22 were LLCs (29.4% more). 98.3% of joint ventures with a total capital of 29.6 million liras ($1.574 million; 8.5 times more) belonged to Azerbaijan.