Business start-ups in Istanbul rise 17.7%

The number of business start-ups in Istanbul, Turkey\'s main commercial hub, increased 17.78 percent in the first four months of 2013, data showed. A total of 18,185 newly-established companies registered with the Istanbul Chamber of Commerce (ITO) and business shut-downs were down by 13.41 percent over the same period from 2012 to stand at 4,849. When combined, the increase in the number of new businesses was 35.53 percent in the first four months of 2013 from a year earlier.   \"The rise in the figure highlights entrepreneurial confidence in Turkey\'s economy and the continuation of the stability,\" Murat Yalcintas, ITO head, said in a written statement. He said the improvement in figures also owed to the new Turkish Commercial Code with easier start-up procedures.