New foreign-partnered firms doubled in Istanbul

The number of newly established foreign-partnered companies in Istanbul has doubled, the head of the Istanbul Chamber of Commerce (ITO) said on Friday.

"A total of 4,637 foreign-owned companies were formed in Istanbul between Jan. 1 and July 26, up 114 percent compared to the same period last year," Sekib Avdagic, told Anadolu Agency's Finance Desk.

Avdagic said the number of closed companies owned by foreigners slipped to 19 while it was 112 in the same period last year.

Praising Turkey's new presidential system, Avdagic said simplification, productivity and predictability will be on the agenda with the new management model.

He said reduced bureaucratic hurdles will help the government work more efficiently and effectively.

Avgadic said Turkey should focus on rising internal savings and production oriented investments.

He noted that businesses welcomed Turkish Central Bank's decision on keeping interest rates unchanged.

"If Turkey continues to raise interest rates, we would get into interest dead-end," Avgadic said.

The Turkish Central Bank on Tuesday announced it is keeping its one-week repo rate -- also known as the bank's policy rate -- constant at 17.75 percent.

"Our expectation for the coming period is new additional policies to be implemented which will lower interest rates."