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Number of Azerbaijani companies registered in Turkey lowers

Türkiye Materials 19 June 2020 16:59 (UTC +04:00)
Number of Azerbaijani companies registered in Turkey lowers

BAKU, Azerbaijan, June 19

By Rufiz Hafizoglu - Trend:

Forty-four companies with Azerbaijani capital were registered in Turkey from January through May 2020, which is by 49 companies less than in the same period of 2019, Union of Chambers and Commodity Exchanges of Turkey (TOBB) told Trend on June 19.

During the reporting period, the total capital of Azerbaijani companies registered in Turkey amounted to over 5.7 million liras ($830,000), as compared to 13 million liras ($1.9 million) in the same period of last year.

In the first five months of 2020, most of the Azerbaijani companies were registered in Istanbul (36 companies) with a total capital of 4.9 million liras ($710,000).

Four of the companies were industrial companies, two were construction companies, 20 were engaged in wholesale and retail trade, while two companies were operating in the sphere of tourism, and two in real estate.

"The remaining fourteen companies with Azerbaijani capital operate in other sectors of economy," TOBB said.

The total capital of 20 companies operating in the wholesale and retail trade registered during the reporting period surpassed 3.1 million liras ($450,000), according to TOBB.

Some 184 companies with Azerbaijani capital were registered in Turkey in 2019, which was one company more compared to 2018. The total capital of Azerbaijani companies registered in Turkey amounted to 30.1 million liras (almost $4.4 million). This indicator amounted to 52.9 million liras ($7.7 million) during 2018.

Most of Azerbaijani companies (152 companies) were registered in Istanbul, with the total capital of 28.9 million liras ($4.2 million).

From January through December 2019, four mining companies, 17 industrial, 15 construction, 88 companies in the wholesale and retail trade, 11 tourism, and two insurance companies with Azerbaijani capital were registered in Turkey.

The remaining 47 companies with Azerbaijani capital were involved in other sectors of the economy.

The total capital of 88 wholesale and retail companies exceeded 12.2 million liras ($1.8 million).

(1 USD = 6.8573 TL on June 19)

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Follow the author on Twitter: @rhafizoglu

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