Apr 30 2019

Syrians invest more than $2 million in Turkey in March – report

Syrian entrepreneurs have invested 14 million lira ($2.34 million) in Turkey in March this year and established 73 companies, according to a report by the Economic Policy Research Foundation of Turkey (TEPAV).

But Syrian joint ventures dropped by 23 percent compared to the previous year, the report found, while foreign joint ventures increased by 85 percent overall.

A total of 32 percent of the companies established with Syrian entrepreneurs in March are in the wholesale sector and Istanbul takes the lead in Syrian companies with a total of 49 businesses, it said. Of the 1,082 foreign joint ventures established in March of this year, 7 percent are with Syrians.

Turkey is home to 3.5 million Syrian refugees with more than 500,000 living in the economic capital, Istanbul. Integration has become an ongoing issue in the country as some Turks say Syrians undercut wages, drive up rents and avoid paying taxes.