Syrian investors continued to strengthen their economic presence in Turkey, after topping the list of foreign investors who established the most companies in May 2026, according to data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

The data showed that 840 new companies with foreign partnerships began operating last May, with Syrians accounting for the largest share through 425 companies, figures that reflect the continued economic weight of Syrian investors in the Turkish market.

The figures also showed that limited liability companies were the preferred choice for foreign investors, with 792 such companies out of 840 new companies, compared with only 48 joint stock companies.

Limited liability companies made up the majority of foreign-owned projects.

Of the 840 companies established, 792 began operating as limited liability companies, and 48 as joint stock companies.

Foreign investments were concentrated in the trade and construction sectors.

In 2026, 825 foreign-owned companies were active in non-specialized wholesale trade, 399 in residential and non-residential building construction, and 210 in intermediation services for non-specialized retail trade.

The data indicated that foreign capital accounted for 85.3% of the total capital in companies with foreign partnerships established during May, confirming the growing role of foreign investors in supporting economic activity and establishing new projects in Turkey.

Syrians’ lead among foreign investors in Turkey did not come out of nowhere. It is an extension of an economic path that began with waves of Syrian displacement in 2011.

As hundreds of thousands of Syrians moved to Turkey, some turned to establishing commercial, industrial, and service companies and projects, benefiting from Turkey’s investment environment and the proximity of the Syrian and Turkish markets.

Turkish Exports to Syria Rise 70% in 2025

Turkish exports to Syria reached $2.6 billion in 2025, a 70% increase compared with 2024, recording the highest growth rate among Turkish exports to neighboring countries.

According to what Anadolu Agency reported from the Turkish Ministry of Trade on January 5, Turkey’s revenues from exports to neighboring countries reached $28,352,370,000 in 2025, compared with $27,092,772,000 in 2024.

The agency added that Turkish exports to Syria, Azerbaijan, Bulgaria, Georgia, Iraq, Iran, and Greece increased by 4.6% compared with 2024.

Turkey Loses a Third of Syrians in Five Years

The number of Syrians under temporary protection in Turkey declined by 38.5% over the past five years, dropping to around 2,296,000 people.

According to data published by Turkey’s Anadolu Agency on April 11, the number of Syrians under temporary protection in Turkey peaked in 2021, reaching 3,737,369 people.

The number has since fallen, with males now accounting for 1,183,799 of the total Syrians under temporary protection, compared with 1,112,769 females.

At the level of Turkish provinces, Istanbul topped the list of cities hosting Syrians, with 405,016 people, followed by Gaziantep and then Şanlıurfa.

The provinces hosting the fewest Syrians were Hakkari, with only eight people, followed by Tunceli and Bayburt.

The agency explained that 1,440,801 Syrians left Turkey over the past five years.

It also noted that 650,046 Syrians have returned from Turkey since the fall of the Assad regime on December 8, 2024, and until last April.

The United Nations stated that 560,000 Syrians returned from Turkey during the past year, while the UN Refugee Agency (UNHCR) recorded around 420,000 returns in coordination with Turkish authorities, in its report issued on December 8, 2025.