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22 Jan, 2023 12:34

Russians leading in new foreign corporate openings in Türkiye

A record number of companies with capital from abroad were established in the country last year
Russians leading in new foreign corporate openings in Türkiye

Over 1,300 companies were created by Russian citizens in Türkiye in 2022, data published on Sunday by Türkiye’s Union of Chambers and Commodity Exchanges shows.

According to the findings, 1,363 firms were registered in the country with Russian participation, including 140 joint stock companies and 1,223 limited liability firms.

The share of Russian companies in the overall number of firms established with foreign capital in Türkiye was the largest, surpassing Iranian (1,300) and German companies (484).

Data shows that a total of 20,135 companies were established in Türkiye in 2022 using foreign capital, the most since 2010.

The agency notes that foreigners invested mainly in the wholesale trade sector (3,070 companies), followed by real estate (1,043) and commercial services (938).

The majority of the new companies were registered in Istanbul (12,462), followed by Antalya (1,648) and Ankara (821).

Economic cooperation between Russia and Türkiye has been on the rise in recent months, as Ankara refused to take part in the Ukraine-related Western sanctions on Moscow. Trade turnover between Russia and Türkiye soared 84% in 2022 against the previous year, and Ankara became Moscow’s second-largest trading partner after China, according to the latest data from Russia’s Federal Customs Service. The agency has yet to reveal the exact figures for trade turnover.

In mid-2022, the two countries signed a roadmap for economic cooperation that envisaged bringing bilateral trade turnover to $100 billion a year. The two nations also recently agreed to introduce the Russian ruble as a settlement currency, including using it for payments for Russian natural gas.

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