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MAIN ASPECTS AND PROSPECTS IN THE ORGANIZATION OF
FINANCIAL-INDUSTRY GROUPS
A.A. Baxromov -
Ferghana Polytechnic Institute
International experience shows that the mutually integrated operation of financial
institutions and industrial enterprises in the economy helps to increase the production
capacity of the national economy and to implement promising projects in the industry. This
situation plays an important role in the implementation of new projects in their activities and
on this basis, in the process of rapid development of economic sectors in the process of rapid
development of economic sectors, by ensuring the need for financial resources of real sector
enterprises.
Because the strengthening of international competition in the world economy requires
the enterprises in the industrial sector to constantly improve their activities in the conditions
of high level of competition, to widely introduce new modern methods and innovations into
the production process.
Therefore, high results are being achieved in the introduction of new productions by
forming financial-industrial groups based on the mutual integration of financial institutions
and industrial enterprises.
Taking into account the important directions of economic development in our country, it
should be noted that stabilization of economic growth through the introduction of new forms
of activity in economic sectors is of great importance.
Also, commercial banks play a key role in financing sectors and branches of the
economy, carrying out technical and technological upgrading of enterprises, and increasing
their export potential.
In recent years, in the context of reforming the national economy in our country,
liberalization of foreign trade, tax and financial policy, support of entrepreneurship and
guarantee of privacy of private property, organization of deep processing of agricultural
products, and provision of rapid development of regions a number of effective measures have
been implemented. [2, 3]
Also, with the aim of ensuring stable high growth rates in economic sectors and the
stability of the national economy, further improving the investment environment and
increasing its attractiveness, and consistently continuing the reforms aimed at actively
continuing the system of supporting the activities of exporting enterprises in 2022.
On January 22, the Decree of the President of the Republic of Uzbekistan No. PF-60 "On
the Development Strategy of New Uzbekistan for 2022-2026" was adopted [1]. Ensuring the
effective implementation of the priority tasks defined in this decree is important in ensuring
the stable development of industrial sectors in the national economy, in further strengthening
the role of commercial banks in the implementation of prospective investment projects in
industrial enterprises, and in the development of mutual financial relations between them. [4,
5]. In order to increase the stability of the national economy, it is important to strengthen the
integration relations between commercial banks and industrial enterprises. In this regard, it is
important to study the best practices of the world countries in the formation of financial-
industrial groups by ensuring the integration of commercial banks and industrial enterprises.
Therefore, in the scientific article, researching the main features of the formation of
financial-industrial groups with the participation of commercial banks, developing scientific
conclusions and recommendations based on the systematization of research results, induction
and deduction, systematic and comparative analysis, graphical representation and economic-
statistical methods were widely used. [6]
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In the context of the implementation of reforms aimed at ensuring the stable
development of the national economy, there are trends aimed at increasing the level of
competitiveness of financial institutions and industrial enterprises based on the
strengthening of mutual cooperation.
This situation means the creation of large organizational and economic structures based
on the provision of capital integration of financial institutions and industrial enterprises.
From a theoretical and practical point of view, it is known that financial-industrial
groups appear as a promising form of unification of finance, industry and commercial capital.
In the activity of financial and industrial groups, each of the participants operates on the
basis of mutual integration of financial and production potential, while maintaining its legal
independence.
An important aspect of operating in a financial-industrial group for commercial banks is
the increased level of competitiveness as a result of operating in a mutually integrated
manner with industry, trade and other service structures within the group, as well as the high
synergistic effect, as well as the integration of various branches of the economy and into the
group. As a result of mutual harmony of the interests of the participants involved in the fields,
an increase in the level of diversification of the bank's activity is achieved.
The main goal of strengthening the integration of financial and industrial structures in
the economy is to increase the efficiency of operations by ensuring the stable development of
production-financial relations, thus ensuring the achievement of a high synergistic effect. [7]
Achieving these goals is ensured by strengthening the integration of finance and
industrial capital, as a result of mutual coordination of financial relations and effective
organization of promising investment projects, as well as the formation of new integrated
structures with a high level of competitiveness.
In general, the effects of synergy can be divided into two groups, as shown in the figure below.
Figure 1. The emergence of synergy effects in financial-industrial groups
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Operational synergy in the activity of financial and industrial groups is manifested on
the basis of:
- increase in income from activities;
- increase in sales volume and profitability due to cost savings;
- optimization of tax payments due to mutual integration of activities and, as a result,
reduction of payments to a certain extent;
- increasing the possibility of attracting long-term investments to the implementation of
promising projects.
Financial synergy through the formation of financial-industrial groups is expressed in:
- reduction of costs associated with attracting financial resources (loans, debt funds)
necessary for financing investment projects;
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Compiled by the researcher.
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- diversification of the sources of financing the activities of the participants of the
financial-industrial group;
- increased ability to prevent and effectively manage financial risks that may arise in the
activities of group participants;
- expansion of the composition of the sources of increase of the available capital.
The complex of the two main forms of synergy presented above is achieved by forming
integrated structures, as a result of which it is possible to increase the overall level of
capitalization of the corporate structure.
By forming financial-industrial groups on the basis of the above-mentioned
requirements, in the future, it will be possible to effectively organize financial relations
between the group participants and to ensure the harmony of the interests of the participants,
to introduce mutually beneficial activities.
In our opinion, it is appropriate to take into account the following conditions during the
formation of financial-industrial groups:
1. Formation of financial-industrial groups on the basis of technologically related
industrial enterprises producing products with high competitiveness in domestic and foreign
markets.
2. Prevention of negative situations related to monopoly that may arise as a result of the
merger of finance and industrial capital. In this process, the prevention of the emergence of
monopoly requires the presence of other competitors in the production of products in the
economy, or the additional purposeful formation of financial and industrial groups in the
market of products in the same sector.
4. It is necessary to ensure the discretion of enterprises in joining the group, while
choosing the participants of joint activities taking into account the economic interests of the
participants, and taking into account the personal initiative of enterprises in the development
of the financial-industrial group project.
In conclusion, we can say that in the current conditions, there are necessary financial
and economic conditions for the formation of financial-industrial groups with the
participation of commercial banks and industrial enterprises in the national economy. This
situation plays an important role in the formation of the activity of financial and industrial
groups. By forming the activities of financial and industrial groups, a favorable environment
will be created for the sustainable development of enterprises operating in the industrial
sector of the economy and for increasing their competitiveness in the world market.
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