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INSTITUTIONAL ASPECTS OF IMPROVING THE MECHANISM OF LEASING INVESTMENT IN THE
REPUBLIC OF UZBEKISTAN
Kadirov Abdurashid Madjidovich
Doctor of Economics, Professor
:
Research center “Scientific bases and issues of economic
development of Uzbekistan” under the Tashkent State
University of Economics, Uzbekistan, Tashkent
Akhmediyeva Aliya Tohtarovna
DSc, Associate Professor:
Department of Macroeconomic analysis and
forecasting, Tashkent State University of
Economics, Uzbekistan, Tashkent
Annotation.
This article discusses the macroeconomic aspects of leasing investment as a mechanism
of modernization of reproduction of the real sector of the economy, as well as its development in the
conditions of transformation of the national economy.
Keywords:
leasing, investment, tool, mechanism, modernization, real sector, state, economy,
macroeconomics
Introduction.
The peculiarities of the functioning of leasing investment mechanisms in the world are
determined by the dual nature of ownership of property in which it belongs to all subjects participating
in leasing relations. Given the recent objective economic situation in the world, the decline in the inflow
of international investment has led to a slowdown in the implementation of investment projects. "The
flow of direct investments decreased by 35% and in 2020 amounted to 1 trillion US dollars. The total
flow of direct investments in the European Union decreased by 80% and amounted to 73 billion US
dollars. This figure has decreased to 57% in the UK, 47% in France and 34% in Germany. The flow of
investments to the United States decreased by 40% due to a decrease in reinvested income and
amounted to 156 billion US dollars (World Investment Report, 2021).
Today, despite the fact that the macroeconomic aspects of improving the leasing mechanism of
investment have been studied in developed countries, nevertheless, the development of new investment
mechanisms by leasing companies remains an urgent issue. When studying the macroeconomic aspects
of improving the leasing mechanism of investment in the world, attention is drawn to the importance of
directing financial flows in the form of fixed capital investments to the real sector of the economy and
establishing stable economic relations between the subjects of the leasing market.
Literature review.
The research uses methods of a systematic approach, methods of statistical, structural and
comparative analysis, SWOT analysis, expert and predictive assessment, stress test, sociological survey,
econometric modeling methods.
Scientific research of the fundamental and theoretical foundations of the effective use of
investments can be observed in the scientific works of foreign and domestic authors, such as Moore,
Schmitz (2016), Burman (2003), Bodi (2002), Gitman (1997), Gubanov (2019), Keynes (1978), Sharp
(2001), Bocharov (2018), Baykhonov (2018), Otazhonov (2020), Karimov (2020), Tukhtakhonov
(2020), Sobirov (2020), Mustafakulov (2017).
The analysis of foreign and domestic literature shows that the problems of leasing relations are
intensively solved in economic theory and practice. Among the foreign authors are Contino (2002), Clark
(2002), Fabozzi (2008).
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Of particular importance for the conducted research are the special works of the following
domestic and foreign authors devoted to leasing. In particular, Penchukova (2013), Jukha (2021),
Gazman (2020), Goremykina and other (2017) dealt with some aspects of the financial situation of
leasing companies (risks of leasing companies, problems of financial stability, features of attracting debt
financing, etc.). In Uzbekistan, the problems of leasing relations were studied by Abdullaev (2011),
Gazibekov (2004), Tukhsanov (2006), Sabirov (2020), Sattorov (2007), Golyshev (2011), Davlyatov
(2011), Gulyamov (2010), etc.
The leasing mechanism is an important element of the investment activity of economic entities;
measures to stimulate and support leasing activity are included in the investment policy of many foreign
countries. According to the European Federation of Equipment Leasing Company Association (Leas
Europe), the prevalence and nature of leasing activity is one of the indicators of the level of economic
development of the country
19
.
Analysis and results.
Based on the generalization and systematization of the above definitions, the study provides
justification for the following definition: "leasing investment is a mechanism for the reproduction of
fixed capital at the expense of own or borrowed funds of leasing companies in order to modernize the
real sector of the economy and upgrade fixed assets, taking into account the acceleration of innovation
processes"
20
.
In the domestic legislation, leasing relations are presented as a type of financial activity, which
does not fully disclose the essence and features of leasing as part of the investment process.
As the analysis showed, the existing regulatory legal acts of the Republic of Uzbekistan have
created the necessary institutional framework for the development of leasing companies. At the same
time, certain provisions of the existing legislation limit the possibilities of using leasing relations for
investment support of updating fixed assets, as well as modernization of the real sector of the national
economy (table 1.).
The need to improve the legal framework of leasing relations is associated with the
implementation of the following provisions:
creating conditions for increasing the share of the leasing mechanism in the reproduction of fixed
capital;
expanding sources of investment in technological modernization of production, including for
entrepreneurs with limited financial capabilities;
promotes the development of competition among financial institutions, expanding the sources of
investment for the subjects of the real sector of the economy;
does not require additional collateral, provides equipment in accordance with the requirements
of the lessee, and also provides service support for investment projects.
The participation of the Republic of Uzbekistan in the Convention "On the International Lease of
Equipment" (Ottawa, May 28, 1988) will provide access to the international market of equipment
suppliers under the leasing scheme.
The introduction of state regulation will positively affect the organization of the leasing relations
market, in this regard, the study justifies the following: in the implementation of investment programs,
the functions of leasing regulation can be transferred to the Ministry of Economic Development and
Poverty Reduction of the Republic of Uzbekistan, and control and supervisory functions can be retained
by the Ministry of Finance of the Republic of Uzbekistan.
The concept of self-regulation of leasing activities (SRO) is put forward. A self-regulating
organization should develop standards and rules for leasing operations and ensure their compliance by
all its members, as well as create and maintain a system for protecting the rights and interests of
consumers of leasing services (Association of Lessors of Uzbekistan);the necessity of introducing a
register of leasing companies according to the criterion of equity sufficiency is proposed, which will
raise the question of the amount of own funds of leasing companies. The introduction of capital
adequacy standards for leasing companies will increase the openness and transparency of leasing
companies for creditors and investors.
19
Rapport sur le contract de credit-bail (leasing).UNIDROIT. 1975. EtudeLIX
–
Doc. 1. P. 17.
20
Author's definition
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Table 1
Proposed amendments to the Law of the Republic of Uzbekistan "On Leasing"
21
Current situation
Offer
Article 8. Leasing activity
Leasing activity is a type of investment
activity
for the acquisition by the lessor of a
leasing object at the expense of its own and (or)
attracted funds and its transfer to the lessee
Leasing is a type of investment activity
involving the
acquisition by the lessor of a leasing object at the expense of
its own and (or) attracted funds and transfer to
individuals
and legal entities (lessee) under a leasing agreement
Article 2. The concept of leasing
Leasing is a special type of financial lease
in
which one party (the lessor), on behalf of the
other party (the lessee), acquires from a third
party (the seller) the property stipulated by the
leasing agreement (the leasing object) and
provides it to the lessee for a fee on the terms
defined by such an agreement for possession and
use for a period exceeding twelve months
Leasing is an investment mechanism
in which one party
(the lessor), on behalf of the other party (the lessee),
acquires from a third party (the seller) the property
stipulated by the leasing agreement (the leasing object) and
provides it to the lessee for a fee on the terms defined by
such an agreement for possession and use for a period
exceeding twelve months
Article 9. The Law of the Republic of Uzbekistan "On Leasing"
Restricts the acquisition of a leasing object by a
purchase and sale agreement
The parties should have the right to independently decide
what kind of contract they should conclude and how many
parties there will be.
It is advisable to replace the word
"purchase and sale
agreement" with "purchase agreement"
Article 3. The Law of the Republic of Uzbekistan "On Leasing"
"objects of leasing can be any non-consumable
things
used for entrepreneurial activity"
(limits the composition of lessees, for
example, individuals, innovative and social
projects,
startups,
individual
entrepreneurship, etc.)
"The object of leasing can be any non-consumable
things,
unless otherwise established by legislative acts,"
excluding the words
"used for entrepreneurial activity"
(these provisions restrain the development of leasing of
motor vehicles, consumer, returnable, operational,
leverage, intellectual property, etc.)
The analysis carried out allowed us to determine the factors contributing to the development of
leasing relations. The methodological approach is based on factors affecting macro-, meso- and micro-
levels, consisting of similar indicators (fig.1).
The study defines the functions of leasing as a form of financing investments that contribute to an
increase in economic potential, both at the level of the business entity and at the macro and meso levels;
the basis of the methodological approach is the developed macroeconomic indicators of the
development of the leasing market.
At the same time, it is advisable to use the following macroeconomic indicators of leasing
intensity of investments: the share of leasing in GDP; the share of leasing in investments in fixed
assets; the share of leasing of equipment, vehicles in investments in equipment and vehicles
In the development of leasing relations in the Republic of Uzbekistan, it is very important at the
moment to address such issues as the development of the segment of insurance of risks of non-
repayment of lease payments; the development of "universal insurance" to cover the risks of the
lessor, including the risk of loss of the leasing object, collateral or credit risk coverage; exchange of
information on "problem customers" (bureau of leasing transaction history); insurance of risks of
foreign creditors and leasing companies of Uzbekistan.
Companies, the following results of the priority of risk reduction were obtained: 32.1% of market
respondents believe that the current requirements applied to the amount of collateral in the risk
management of companies should be mitigated, 24.2% of survey participants believe that it is possible
to reduce the minimum level of advance payment, 10.4% of respondents believe that it is possible to
weaken the requirements for the sufficiency of own funds and 14.0% believe that it is possible to lower
the requirements for the financial stability of the lessee.
21
Compiled by the author
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Fig.1. Methodology of factor analysis of the development of leasing relations
22
At the same time, the survey of the leasing market of developed countries shows that the share of
leasing in fixed capital investments in the USA for a number of years is 29-31%, in the UK
–
24.8%, in
Italy
–
19.2%, in Germany
–
18.6% 18.
According to the results of a sociological survey of specialists of leasing
In 2014-2020, a number of measures were taken in the republic to develop the leasing services
market, streamline and stimulate the activities of organizations providing leasing services, improve
leasing operations, as well as expand access of business entities to this type of investment (Fig.2).
A comprehensive analysis of trends in the development of leasing relations in the republic showed
that the growth in the volume of leasing transactions increased over
2019 by 6%, this indicator amounted to 11099 units of leasing transactions compared to 7771
(units) in 2018, this was facilitated by the appearance of Fincom (2686 units) on the market 20. Taking
into account the consequences of COVID-19 in 2020, the number of leasing transactions decreased by
47.1%, respectively, it amounted to 5875 (units). The volume of new leasing transactions by the end of
2019 increased by 6.1%, and amounted to 2795.9 billion soum, which is more compared to the same
period last year, which amounted to 2634.4 billion soums and for 2020, this figure fell by 33.7% and
amounted to only 1852.7 billion according to the results of 2021, the amount increased by 40%, which
is by 740.7 billion.
The sum is more compared to the same period last year, and amounted to 2,593.4 billion soum,
approaching the pre-pandemic indicators of 2018-2019. The portfolio of leasing transactions for 2019
amounted to 5344 billion soum, in relation to 2018, it amounted to 4023 billion soum, and in 2020 this
indicator gave an increase of 6.2% and amounted to 5673 billion soums and the results of 2021
amounted to 5 trillion. 833 billion soum, which is 2.8% more compared to the results of 2020. In 2021,
the number of leasing transactions concluded increased to 7,193 transactions. Compared to 2020, the
number of new leasing transactions increased by 22.4% or 1,318 more transactions.
22
Compiled by the author on the basis of a generalization of scientific literature
Factors of leasing development
Micro Level
Macro level
The rise in the cost of servicing new equipment,
limiting its performance by users themselves
The need for accelerated renewal of fixed assets
for the purpose of technological modernization
of production
Increased competition in the market, which
requires diversification of production, and this
leads to an increase in the need for specialized
equipment
Lack of own investment resources of economic
entities to choose the most efficient equipment
on the market of means of production
Limited availability of credit resources in the financial market and traditional sources of
investment for small businesses and private entrepreneurship.
Macroeconomic policy of
the state
The need to ensure access to the import of innovative technologies and equipment in
order to increase the competitiveness of economic entities in the domestic and foreign
markets
Formation of the regulatory
framework for the
development of leasing
Mechanism of state support
for small business and
private entrepreneurship
Mechanism of state support
of investment activity in the
leasing market
Deepening institutional
reforms
Implementation of the
international accounting
and statistics system.
Mesolevel
Formation of a competitive
environment in the leasing
services market
Provision of information flows on
the development of leasing
services to consumers, especially
for rural regions
Formation and implementation of
targeted regional programs for
the development of leasing
services
Organization of trainings and
training of personnel for
participants of the leasing services
market
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Fig.2. Dynamics of growth in the volume, number and portfolio of new leasing
transactions (in billion soums)
23
In 2021, 141 business entities provided leasing services, of which 32 were commercial banks, 109
leasing companies, 97 of them without state participation. In 2019, 3 new leasing companies Fincom,
Invest Support Leasing, Bainalminal Leasing and Tenge Bank commercial bank appeared. The
distribution of the leasing market between commercial banks and leasing companies by the end of 2019
for new transactions amounted to 9% of the market share in the banking sector, respectively, 256.6
billion soum, and the indicators of leasing companies amounted to 91% of the market share,
respectively, 253.9 billion soums. If we consider the leasing portfolio, the shares were distributed as
follows: the bank has 18% of the market (973.0 billion soum), and leasing companies occupied 82% of
the market (4352.9 billion sum).
As the data in Table 2 show, for the period from 2014 to 2021, the largest share of leasing
transactions fell on agricultural machinery, technological equipment, there is a noticeable growth trend
over the past three years in the segment of motor vehicles and construction equipment, and the share
of agricultural machinery decreased by the end of 2021 and amounted to 26.9%, motor vehicles
–
26.4%,
technological equipment
–
22.5%, construction machinery and equipment
–
21.8%, real estate
–
2.3%.
Table 2
Distribution of leasing transactions by types of fixed assets (in %)
24
№
Title
Years
Changes
2014-
2021
(+/-)
2014 2015 2016 2017 2018 2019 2020 2021
1. Construction equipment 11,1 10,9 11,1 11,7 16,4 20,2 10,5
21,8 +10,7
2. Technological
equipment
27,7 30,6 36,1 36,4 35,4 18,5 21,4
22,5
-5,2
3. Agricultural machinery
34,2 32,9 32,5 36,1 31,2 30,2 45,5
26,9
-7,3
4. Realty
13,7 16,7 16,7 15,7 19,1
1,8
2,5
2,3
-11,4
5. Motor transport
24,4 19,8 14,8 11,8 14,3 29,3 20,2
26,4
+2
23
Compiled by the author according to the Association of Lessors of Uzbekistan "Overview of the leasing services sector in Uzbekistan by the
end of 2022".
24
Compiled by the author according to the reports of the Association of Lessors of Uzbekistan "Overview of the leasing services sector in
Uzbekistan by the end of 2022".
826,2
851,2
973,1
1553,6
2634,4
2795,9
1852,7
2593,4
2139
2448
2590
2684
4023
5344
5673
5833,1
4848
5636
5540
7729
7771
11099
5875
7193
0
2000
4000
6000
8000
10000
12000
2014
2015
2016
2017
2018
2019
2020
2021
Dynamics of growth in the volume of leasing transactions billion soums
Dynamics of growth in the volume of the portfolio of leasing transactions trillion soums
Dynamics of the number of new leasing transactions billion soums
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The study developed stress testing methods to determine the rating assessment of the financial
stability of leasing companies based on the analysis of sensitivity to possible changes in market
conditions, autonomy coefficients, liquidity, financial leverage, provision of own working capital,
investment coverage, short-term debt, etc.
A comparative analysis of trends and factor aspects of the current state of development of leasing
investment in the country has revealed the following limitations, in particular:
the level of capitalization of leasing companies remains insufficient (this leads to a lack of
confidence in them on the part of commercial banks and other international investment and credit
institutions), which limits the access of leasing companies to financial resources, inconsistency with the
principles of corporate governance and IFRS (international requirements for tax accounting, statistical
and accounting reporting);
restriction of the participation of leasing companies in the securities market due to the
underdevelopment of economic mechanisms for the acquisition of assets, as well as stimulating the
investment of free funds of investors in the sphere of leasing services, which is associated with the
quality of certain legislative and regulatory norms;
restriction in the use of the leasing instrument only for business purposes, the absence of
consumer leasing, which is widespread in international practice due to the presence of restrictions in
legislation, according to which leasing cannot be used for consumer purposes;
the existing regional imbalances in the functioning of the leasing market, where about 40% of the
leasing services market falls on the city of Tashkent, which limits the active use of leasing investment in
technological modernization. This is due to insufficient knowledge about the essence of leasing, the level
of qualification of personnel, the underdevelopment of the network of leasing companies, brokerage and
consulting firms and structures for servicing all participants of the leasing market at the regional level
and others;
insufficient level of systematic and accessible information support about the leasing services
market, limited information about leasing companies, customers (CRM), in the conditions and
mechanisms of leasing transactions and others.
In most countries with a developed leasing investment mechanism, state programs for the
development of leasing as a whole have been developed and implemented throughout the territory, in
industries or in individual regions.24
The study substantiates proposals for the development of leasing investment by creating new
institutions of cluster development, including the following areas:
financial cluster in leasing activities. In the conditions of increasing the level of capital
concentration, capital adequacy requirements, liquidity and solvency, it becomes obvious that the
problem of the development of the financial services market cannot be solved by conducting an
independent policy in this direction by individual financial institutions. Therefore, in order to obtain a
tangible effect, it becomes necessary to unite market participants into a financial cluster;
technological leasing cluster. Leasing companies can participate in the formation of a
technological value chain in Uzbekistan within the fruit and vegetable cluster on the basis of
participation in the modernization of the production facilities of the enterprise for processing raw
materials and production of finished products;
medical leasing cluster. The introduction of leasing mechanisms to attract investment in a high-
tech cluster in the healthcare sector through improving infrastructure conditions, increasing access to
laboratory and special equipment, banking financial resources, attracting the resources of private
entrepreneurs and others will have a significant impact on the strategy of increasing the
competitiveness of the industry.
Based on the above, the priorities of the strategy for the development of leasing investment in
Uzbekistan are substantiated, including (Fig.3):the transition from the mechanism of traditional leasing
for the supply of single equipment to the concept of technological leasing by organizing complete
deliveries of new equipment and the introduction of high-tech modules (for example, for processing
enterprises of the agro-industrial complex), implementation of cluster leasing technologies, when
equipment will be provided along the value chain, which gives a synergistic and multiplicative effect,
turnkey leasing from the preparation of a business plan to staff training;
introduction of the innovative leasing mechanism as a flexible instrument for financing
innovations (at the present stage, innovative leasing is becoming one of the main forms of promoting
high-tech equipment required for R&D to the market). The use of innovative leasing leads not only to an
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improvement in the innovative attractiveness of enterprises in the real sector of the economy, but will
also contribute to the possibility of implementing such innovative types of leasing services as leasing
with a full set of services (full-service leasing);
the introduction of digital technologies and platform solutions aimed at automating the processes
of data collection, storage, processing and transmission in all areas of leasing companies' activities,
which will allow the use of business intelligence (BI) methods based on big data (Big Data). This will
require the creation of technological and software infrastructure for data collection, storage, processing
and transmission (digital "Aggregator", virtual B2B marketplace "Showroom"), including participation
in data center construction projects.
it is necessary to automate processes in all areas of companies' activities, transfer them to
electronic document management, implement integrated company management systems, which will
make all business processes as transparent as possible, eliminate subjectivity associated with the
human factor, and use a digital "Aggregator" as a tool for the development of the leasing services market;
creation of specialized (captive) leasing companies (for example, in the automotive industry) in
order to increase sales of products by increasing the purchasing power of the population in the purchase
of housing, cars, household appliances, furniture and other expensive household items, as well as the
institute of micro leasing (support for private and small firms, family entrepreneurship and home
improvement, in particular, leasing of small equipment for processing vegetables and fruits, food, animal
husbandry, sewing equipment, etc.);
introduction of a mechanism for issuing and circulating securities of leasing companies, which
allows to increase their resource base, as well as reduce the final cost of leasing, the use of a mechanism
for accelerated depreciation of property, the development of secondary leasing of machinery and
equipment, as well as improving the methodology for determining the residual value of fixed
assets.Thus, the measures taken for the development of leasing in the Republic of Uzbekistan, in our
strategy, are designed to encourage all participants in leasing activities to use additional benefits and
advantages more profitably for the implementation of the strategy for the development of the leasing
services market.
The main expected results from improving the mechanism of leasing investment in the Republic
of Uzbekistan are ensuring sustainable economic growth based on stimulating the development of the
private sector by diversifying investment sources, strengthening the financial independence of leasing
companies, stimulating the development of small innovative entrepreneurship and capital inflow into
the real sector of the economy (Fig.4).
Conclusionandrecommendations.
The results of the research allow us to draw the following conclusions:
1. Based on global trends, it has been revealed that leasing is an effective tool of investment policy,
plays an important role in the development of production. Due to its special economic nature, combining
elements of credit, investment and financial transactions, this type of activity is able to make a real
contribution to economic growth.
2. The economic category of leasing investment as an institution of development is disclosed and
a comparative analysis of the concepts of leasing-lease, leasing-loan, leasing-installment is carried out
with the definition of the functions of leasing as an investment financing mechanism.
3. The factors contributing to the development of leasing relations have been identified and
methodological approaches to assessing the investment attractiveness of the national economy have
been studied. The methodological approach is based on factors affecting macro-, meso- and micro-levels
consisting of similar indicators.
4. Approaches have been developed and improved as institutional mechanisms for regulating the
development of leasing relations based on securitization of leasing assets.
5. The criteria for classification of leasing risks are recommended and the systematization of
methods for ensuring the financial stability of leasing companies is carried out. The proposals on stress
testing of the financial stability of the company based on the analysis of sensitivity, autonomy
coefficients, liquidity, financial leverage, provision of own working capital, investment coverage, short-
term debt and others are given.
6. Proposals have been prepared for the "Creation of a special fund to support leasing activities"
in order to develop leasing investment in Uzbekistan;
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Fig. 3 Leasing development strategy in the Republic of Uzbekistan
25
25
Developed by the author
Problems
Opportunitie
Insufficient level of capitalization of leasing companies; restrictions on the
participation of leasing companies in the securities market; restrictions on the
use of the leasing instrument only for business purposes; regional imbalances
in the functioning of the leasing market; insufficient level of systematic and
accessible information about the leasing services market; limited information
about leasing companies, customers (CRM),
Leasing as a tool for the implementation of strategic national, sectoral and regional
investment development programs; introduction of new leasing programs, products
and services; diversification of sources of financing for leasing activities; use of the
stock market mechanism for the development of leasing services; creation of
conditions for the active attraction of foreign investment; long-term investments in
priority sectors of the economy, and the development of innovative economic growth
LEASING DEVELOPMENT STRATEGIES IN THE REPUBLIC OF UZBEKISTAN
Diversification:
securitization
of leasing portfolios,
implementation of a scoring
system; development of
consumer, repayable,
operational leasing and
leveraging, leasing of
intellectual property products
and other types
Digitalization:
the introduction of
digital technologies and platform
solutions aimed at automating the
processes of data collection, storage,
processing and transmission in all
areas of leasing companies' activities,
which will allow the use of business
analytics methods based on big data
(BigData).
Outsourcing:
implementation
of public-private partnership
investment projects;
technological leasing
concepts; implementation of
cluster leasing technologies;
personnel training; tripartite
mechanisms of leasing
process insurance
Attracting resources
:
foreign credit lines
and funds of international financial
institutions; introduction of a mechanism
for refinancing leasing projects; opening of
credit lines for financing by international
financial institutions; financial resources of
the
Entrepreneurship
Development
Support Fund
State Program of Socio-economic development of the Republic of Uzbekistan
Ma
in r
esults
Professional development of
employees; -improve the
quality of the company's work;
strengthen customer loyalty;
improve the social situation by
creating new jobs at enterprises
where leasing is used;
Modernization and improvement of the efficiency of the
state investment policy in the field of leasing;
development of the manufacturing industry, production
and transport infrastructure, and other industries; -
interaction with development institutions in attracting
and placing foreign and domestic investments in the
country's economy.
The mechanism for introducing leasing into
existing and emerging programs in all areas and
industries.
Mechanisms for the
development
Institutional
arrangements
Mechanism of professional
development of personnel
Amendments to the Law "On
Leasing" and the Civil Code of
the Republic of Uzbekistan
–
will
expand the possibilities of the
lessee, lessor, and equipment
manufacturer and socio-
economic development of the
country.
The creation of additional
structures will enable:
the development of leasing
culture as a tool for
technological modernization
of the country's economy.
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Fig. 4. Improvement of leasing investment mechanisms in the Republic of Uzbekistan
26
26
Developed by the author
Leasing investment mechanisms
Macroeconomic mechanism
Digital ecosystem
Economic mechanism
Institutional mechanism
Monetary policy
Investment climate
Inflation targeting
Integration into investment
programs
Investing in innovative
programs
Formation of special funds
Leasing development
strategies
Mechanism for supporting
small business and private
entrepreneurship
Regulations and rules of regulation
Association of Lessors
Leasing and insurance companies,
banks, etc..
Service companies, consulting
(outsourcing)
Public-private partnership
Informal relationships
(contractual relations)
Leasing Transaction History
Bureau
Stress testing, financial
stability rating
Taxation, IFRS
Customs regulation
Risk management
Methods of determining
lease payments
Marketing approach to
assortment policy
Human resource
management
Classification of companies
Aggregator-virtual
ecosystem
Electronic business model
(B2B- Showroom)
Integrated management
systems:CRM,
ERP,BPM,OLAP,HR, etc.
Analytics:
Big Data, BI(Business
Intelligence)
Cloud and blockchain
technologies
Integration with government
information systems
Ministries of Economy and Poverty
Reduction (
investment projects
),
Ministry of Finance (
monitoring and
control
)
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7. A strategy for the development of leasing and mechanisms for stimulating leasing investment
in Uzbekistan has been developed with the definition of priorities for its development directly related
to the long-term socio-economic goals of the country. The ways of improving the regulatory mechanisms
of state institutions in the development of the leasing services market, including macroeconomic and
institutional aspects, are recommended.
8.The effectiveness of the introduction of digital technologies into the leasing sector of the
economy is substantiated, recommendations and proposals for the development of an online platform
to enhance the accessibility, transparency and efficiency of the leasing services market are prepared.
9. Forecast indicators for the development of leasing services for the medium term have been
developed, aimed at technological modernization of production based on the implementation of the
leasing investment mechanism.
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