Iran, struggling under economic sanctions, maintained its position at the top of the list of countries financing the largest number of foreign firms in Turkey in 2012.



Iran also claimed that distinction in 2011.

The number of Iranian-funded foreign companies established in Turkey topped the list in 2012 with 775 out of 3,703 newly established foreign businesses, a Turkish Union of Chambers and Commodity Exchanges (TOBB) report revealed on Friday.

The number of Iranian-financed firms rose steadily in each consecutive month of last year. Of the foreign firms established last year 1,415 were in commerce, 543 were in manufacturing and 375 were in the construction sector.

Observers have in the past repeatedly pointed to concerns in Ankara that some of the Tehran-backed businesses may be front companies set up to circumvent UN-sponsored sanctions on Iran.

With most of them located in ?stanbul, Tehran-funded firms in Turkey are mainly involved in the power generation, electronics, communications and construction sectors.

Iran's closest rival in the list was Germany, with 321 firms for the whole of 2012. Azerbaijan followed with 167. Comparing the distribution of foreign funded firms by country last year with 2011, the picture remained more or less the same. In 2011, Turkey saw 3,575 companies with foreign partners established, with 665 of these companies having Iranian partners, 354 were German-funded, 190 had Azerbaijani partners and 140 had Iraqi partners.

Foreign partners had a 70 percent share of the total capital of newly established foreign-financed businesses in Turkey last year. Turkish nationals living abroad have also established 290 businesses in Turkey last year.

Looking at local business activity, 2012 saw a drop of 27.19 percent in the number of Turkish firms opened when compared to 2011. The number of Turkish businesses that closed increased by 8.19 percent in the same period.

By Today's Zaman

 

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