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Business registrations up 43pc over past year

Business registrations up 43pc over past year

NEW businesses registering at the Ministry of Commerce increased 43 percent this year to the end of May over the first five months last year, according to figures from the Ministry’s Business Registration Department obtained Monday. Approximately 1,310 new businesses had registered as of May 30, compared with 914 in the same period last year. The surge was driven by foreign entrants from Vietnam, China, Korea and Malaysia, as well as some European nations, a Ministry of Commerce official said. “The new entrants are mostly investing in agriculture, construction and extractive industries,” he added, requesting anonymity. Some 565 foreign firms registered in the first five months, an 87 percent increase over 302 international entrants in the same period last year. New domestic firms climbed 22 percent year on year, with 746 domestic firms registering during this year to May 30.

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