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CENTRAL ASIAN JOURNAL OF MULTIDISCIPLINARY
RESEARCH AND MANAGEMENT STUDIES
Volume 2, Issue 8, August 2025
www.in-academy.uz
FACTORS FOR ENHANCING REGIONAL INVESTMENT
ATTRACTIVENESS AND APPROACHES USED FOR ITS
ASSESSMENT
F.B.Umarov
Director of the unitary enterprise “G‘ijduvon free economic zone
directorate”
https://doi.org/10.5281/zenodo.16880266
ARTICLE INFO
ABSTRACT
Received: 11
th
August 2025
Accepted: 12
th
August 2025
Published: 15
th
August 2025
Investment attractiveness refers to the overall set
of economic, social, and political conditions that
determine a region’s ability to attract investment. The
qualitative approach relies on expert assessments,
interviews, and subjective judgments, while the
quantitative approach involves numerical data, statistical
modeling, and measurable performance indicators. The
G‘ijduvon Free Economic Zone provides a practical
example of how location and infrastructure can influence
regional investment appeal. Uzbekistan’s 2019 Law on
Investments is a key instrument providing guarantees to
investors and shaping the legal framework for economic
development.
KEYWORDS
Investment
attractiveness,
investment
climate,
foreign
direct
investment,
infrastructure
development,
digitalization,
Industry
4.0,
qualitative
assessment,
quantitative
analysis,
macroeconomic
stability,
legal
framework,
Uzbekistan investment law,
regional
competitiveness,
innovation,
transport
infrastructure, free economic
zones.
In the current context of globalization and competition, improving investment attractiveness
plays a decisive role in ensuring a country’s economic security, creating new jobs, advancing
technological modernization, and strengthening export potential. For this reason, the
improvement of the legal framework supporting investment activity not only accelerates
economic growth but also contributes to shaping Uzbekistan’s economic potential in the
international arena.
Investment attractiveness is a multifaceted concept, and various views exist regarding its
characteristics and influencing factors. Since the academic literature presents differing
opinions on this matter, it is necessary to take into account multiple approaches and the range
of factors that impact investment decisions. Investment attractiveness is regarded as a key
determinant directly affecting the economic development of regions and enterprises. It is
often considered an indicator of the effectiveness of local authorities in creating a favorable
environment for attracting investment. The Law on Investments and Investment Activities,
adopted on December 25, 2019, in Uzbekistan, aims to develop a lawful, efficient, and stable
investment environment. This legislation contains guarantees related to the protection of
investors’ rights, investment freedom, transparency, and fairness.
From a historical perspective, scholars from different countries have expressed varying
opinions on this issue. Kolesov emphasizes that investment decisions in industrial enterprises
are determined by factors such as capital intensity, technological complexity, resource
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CENTRAL ASIAN JOURNAL OF MULTIDISCIPLINARY
RESEARCH AND MANAGEMENT STUDIES
Volume 2, Issue 8, August 2025
www.in-academy.uz
dependency, macroeconomic stability, government regulation, and global competition. These
factors differentiate industrial enterprises from other sectors such as services or information
technology. Yaskov underlines the importance of clearly defining the concepts of “investment
attractiveness” and “investment climate.” Yangulbaeva and co-authors analyze the advantages
and disadvantages of existing methods for assessing the investment environment. Bessonova
and colleagues highlight the significance of investment attractiveness during times of crisis,
identifying innovation as a key driver for its enhancement. B. Ochilov focuses on the role of
foreign direct investment in the national economy, discussing the business environment and
investment risks through the lens of international indicators.
The factors affecting investment attractiveness can be broadly grouped into economic, social,
and political categories. Economic factors include macroeconomic stability, growth potential,
and investment profitability. Lavrentyev and Sagina point out that profit and sales
profitability are the main factors for attracting investments in the oil sector, noting that
Rosneft leads in capitalization and dividend payments. Jeltenkov and his co-authors underline
the importance of infrastructure, especially transport, in improving regional investment
attractiveness. Pokharel and colleagues support this argument by noting that investments in
interregional transport infrastructure improve accessibility and stimulate economic activity.
Bulavko and his co-authors stress that digitalization plays a vital role in enhancing the
investment appeal and innovative development of industrial enterprises.
Social factors include quality of life, the availability of skilled labor, and the level of education
in the region. Grenchikova and colleagues emphasize the importance of managing the
transition to Industry 4.0 by developing the necessary workforce skills to prevent
unemployment and mitigate negative social consequences. A practical example can be seen in
the G‘ijduvon Free Economic Zone in the Bukhara region, where strategic location and
developed infrastructure serve as significant social factors in attracting investment.
Political factors encompass political stability, the legal framework, and government policy.
Sabirov highlights the importance of state guarantees for foreign loans and investments as a
means of improving the investment climate in the regions.
Approaches to assessing investment attractiveness generally fall into two categories:
qualitative and quantitative methods. The qualitative approach is based on expert opinions
and subjective assessments of various factors. Morgagni and his co-authors emphasize the
role of expert opinion in managing metastatic gastric cancer. Poddar and colleagues, using
surveys and a “fuzzy” approach, identified barriers to integrating the circular economy
concept into the fast-moving consumer goods supply chain. Logunova and other researchers
applied expert evaluation methods to identify the main factors shaping investment
attractiveness in marine aquaculture. The quantitative approach, in contrast, relies on
measurable economic and financial indicators such as profitability and liquidity, as well as
statistical models and multi-criteria decision-making techniques. Hendiani and Walther
applied a two-layer “opportunity level” approach to group decision-making. Li and Wang
developed a plant-growth simulation algorithm for selecting sustainable suppliers,
representing a purely quantitative method. Nguyen and his co-authors used system dynamics
to assess the social and economic benefits of infrastructure projects. Bulavko and colleagues
again point to innovation as an essential factor in increasing the investment attractiveness of
industrial enterprises.
In conclusion, developing strategies to improve investment attractiveness based on the
integration of academic perspectives and national legislation remains an urgent task. In this
process, a stable political environment, a transparent legal system, well-developed
infrastructure, and effective communication with investors represent the main pillars for
ensuring long-term economic development in the country.
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Volume 2, Issue 8, August 2025
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