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International scientific-online conference
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THE CRUCIAL ROLE OF THE IMPLEMENTATION OF ECONOMIC
REFORMS AND TRANSFORMATIONS IN ENTICING FOREIGN
DIRECT INVESTMENT (FDI).
Bonu Utkirova
Head of department at the Investment, Industry and
Trade board of Khorezm region
Khorezm, Uzbekistan
https://doi.org/10.5281/zenodo.13828685
Abstract.
The study investigates the techniques involving foreign
investment experience in attracting and managing investments, and evaluates
their potential application in our nation. The experiences of several countries
have been evaluated. As a result, scientific recommendations and practical
suggestions for implementing the investment attractiveness of developed
countries in our country have been proposed.
Key words:
investment attraction, investment potential, investment
attractiveness, forfeiting and selling methods, foreign experience.
Our nation's government plays a pivotal role in the progressive rollout of
economic reforms and is widely recognized as a significant aspect of our
transition towards an economic system. This entails making numerous decisions
concerning the oversight of investment ventures, which often necessitates
"Establishing a strong relationship with Foreign investors who expressed their
desire to work with Uzbekistan and support them from the beginning to the end
of the project to give, in simple words, by leading them by the hand, which is
necessary to ensure the result" - as stated by Shavkat Mirziyoyev (Prezident.uz,
2022). Engaging in substantial investment activity across diverse economic
sectors fostering domestic and foreign investment, is crucial for promoting
sustainable and responsible economic growth. However, this cannot be
accomplished without substantial modifications to the primary capital and a
comprehensive revamp of the investment-financial sector. Such reforms are
usually overseen by the government. Foreign investments hold significant
importance in enhancing a nation's overall economic condition.
It's worth mentioning that our nation's economy has been effectively
transitioning towards a market-oriented economy with a strong social focus,
achieving substantial success. The legislations implemented in our country are
comprehensive, encompassing various social scales, thereby fostering a broad
scope for market relationships with a specific target. This results in establishing
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clear socio-legal frameworks that significantly contribute to the economy's
formation.
Uzbekistan's influence and stature in the international economic sphere
carry a significant weight and continue to expand steadily. As articulated by our
nation's head of state, Shavkat Mirziyoyev, a robust socio-economic
advancement strategy, encompassing objectives and initiatives for economic
reforms, has been put forth. The unambiguous and accurate delineation of
pathways has proven instrumental in achieving the principal objective and has
resulted in noteworthy milestones (G'ozibekov and Nosirov, 2007). Moreover, to
further improve the investment climate in the country and increase its
attractiveness concrete goals have been defined by the government in “New
Uzbekistan Development Strategy for 2022-2026” and “O‘zbekiston-2030”
strategies such as:
absorbing 250 billion dollars of investments in our country, including 110
billion dollars of foreign investments and attracting investments of 30 billion
dollars within the framework of public-private partnerships by 2030;
establishing a new system based on the "bottom-up" principle for effective
use of investments and increase in export volumes;
attracting investments worth 14 billion US dollars in energy, transport,
healthcare, education, ecology, communal services, water management and
other sectors on the basis of public-private partnership;
increasing the volume of trades of freely traded securities to 8 billion
dollars;
implementation of more than 500 technological and infrastructural
projects of strategic importance with a total cost of 150 billion dollars;
maintaining the investment rating of regions, based on the capabilities of
each region, further increasing its attractiveness for investors;
doubling the volume of portfolio investments by starting the activities of
equity and venture funds;
Creation of infrastructure for participation of foreign nominal custodians
and custodian banks in the local capital market.
Creating opportunities for continuous use of the necessary infrastructure
(road, electricity, water and sewage system) in all economic zones.
Organization of special economic zones with 50 prestigious brands of the
world (Lex.uz, 2023).
It's noteworthy to point out, as we delve deeper into the considerations, that for
Uzbekistan, the continuation of liberalizing its investment sector, enhancing its
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appeal through ongoing reforms, and establishing free economic zones based on
foreign examples for improving its legal framework's effectiveness, is essential
for its development (Bozorov, 2018). The proper implementation of these
improvements ensures future growth.
List of used literature:
1.
Author's development based on the information of the State Statistics
Committee of the Republic of Uzbekistan. https://stat.uz/uz/
2.
President.uz. (2022). 2017-2021-yillarda O‘zbekiston Respublikasini
rivojlantirishning beshta ustuvor yo‘nalishi bo‘yicha Harakatlar strategiyasi.
[online]
Available
at:
https://president.uz/oz/pages/view/strategy?menu_id=144.
3.
LexUZ (2023). PF-158-сон 11.09.2023. “O‘zbekiston — 2030” strategiyasi
to‘g‘risida. [online] Lex.uz. Available at: https://lex.uz/ru/docs/-6600413
4.
Bozorov R.H (2018). Wide provision of Uzbekistan's participation in global
indices is an important factor in increasing the attractiveness of the investment
environment. Scientific electronic journal "International Finance and
Accounting". No. 4-5, August-October, 2018
5.
G'ozibekov D, Nosirov E (2007). Attracting foreign investments to the
economy of Uzbekistan. Treatise. -T.: "Economy-Finance".
