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METHODS AND FORMS OF ATTRACTING FOREIGN INVESTMENTS
Umarova Gulzodakhon Qodirbekovna
Lecturer at the Department of "Specialized, Social-Humanitarian and Exact Sciences"
of Tashkent State University of Economics.
Abstract:
have been developed in the field of transformation and restructuring of the economy
in the direction of the market, and its most important feature is that the main goals and priorities
have been carefully defined at each stage of the reforms. An active investment policy is one of
the most important conditions for achieving sustainable economic development.
Key words:
Investment, investment policy, foreign investment, investor, investor's right,
investor's obligation, state, income, cost, securities, securities market, financial investment, real
investment, intellectual investment, state investment, private investment, foreign investment.
After Uzbekistan gained the status of an independent state, it determined its own direction,
taking into account the various features of building and developing a national economy, and
continues to follow this path in its economic development.
Currently, one of the significant results of the rational investment policy pursued by our state in
establishing and improving investment activity is the implementation of the Investment Program
for 2021–2026, as emphasized by our President. This program plays a crucial role as a key
instrument of structural transformation in the industrial sector and the economy as a whole.
Investments in fixed assets are primarily made in the form of capital investments and include
expenses for new construction, expansion, reconstruction, technical re-equipment of operating
enterprises, acquisition of equipment, and the purchase of raw materials needed for projects. It is
often emphasized in economic theory and practice that the terms “investment” and “capital
investment” are not synonymous. Investments represent a broader concept than capital
investments. In Western literature, when discussing investments, the focus is usually on stock
markets and exchanges, as in developed countries, investments are mainly made in the form of
securities.
Providing a single, complete definition of the term "investment" is quite difficult. In economic
sciences and in practice, the meaning and specific characteristics of investments vary depending
on the area. In economics, investments include expenditures aimed at acquiring new technologies
and technical equipment, buildings, and increasing the volume of both tangible and intangible
resources, which can also be viewed as part of total expenditures.
Investments represent the portion of gross domestic product (GDP) that is not consumed during a
specific period and that helps increase capital stock in the future. Inflation rates significantly
influence the volume of investments. High inflation reduces the future value of investor returns
and can discourage investment. Investments can take different forms, and analyzing and planning
them requires categorizing them based on their unique features.
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First, by the object of investment, we can distinguish between real and financial investments.
Real investments involve the use of financial resources to acquire tangible and intangible assets
by enterprises. Tangible (material) investments involve the purchase of specific components of
fixed assets and are part of investment and innovation projects. Therefore, both personal funds
and borrowed funds are used for a single purpose. In the case of borrowed funds, the role of
investor is taken by the lending banks. Intangible investments are made when intangible assets
are created and are directed at enhancing human capital, scientific research, engineering design
projects, and the creation of new products and services.
With the advancement of science and technology, intellectual potential has become one of the
strongest drivers influencing global production. In the 20th century, investments in science, the
development of production, and human knowledge significantly increased. Therefore,
expenditures on scientific research, studies, science, education, and professional training are
growing as a share of global investments. In countries like the USA, Japan, and other developed
nations, the growth rate of private and foreign investments in science and research exceeds the
growth rate of investments in fixed assets.
This is because it is now widely recognized that a country's future is determined by its scientific
and intellectual potential. Entering the global market, developing marketing, providing accurate
and reliable information, using advanced information technology systems, having experienced
and skilled personnel, and joining the ranks of the world's most developed countries require
high-speed and high-quality development. Therefore, increasing the share of investments in
science, technology, education, and personnel retraining is necessary for rapid and sustainable
growth.
When attracting investments, the following aspects must be prioritized:
Ensuring the freedom and initiative of investment activity participants;
Granting investment status to material and intangible assets invested in specific sectors;
Creating the necessary legal and practical conditions for conducting investment activities.
There are five key requirements for attracting investments:
1.
The presence of strong and well-developed investment managers within the country;
2.
The country's products and services must be more competitive in global markets
compared to similar offerings elsewhere;
3.
The country must provide unique products or services not available elsewhere, occupying
a specific niche in the global market;
4.
There should be no obvious or potential legal barriers in the investment environment;
5.
The country must have a clear, long-term development strategy and plan.
Investment management is a set of methods and principles for implementing decisions related to
investment activities on a national scale. Investment management typically includes the
following stages: assessing past investment processes, calculating future capital investment
volumes, determining the form of investment input, selecting appropriate investment projects for
the national economy, analyzing expected investment risks and efficiency, and finally, executing
and monitoring the implementation of investment projects.
Investment management is essentially professional management of various financial instruments
and assets, technologies, and property to generate profit while meeting the needs and interests of
investors.
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In conclusion, the concept of attracting and managing investments in a country is based on
several key approaches:
Viewing investment activity as a selection process, involving the attraction and
justification of investment resources and the application of investment mechanisms to implement
investment activities;
Evaluating the investment attractiveness of the object to determine investment feasibility
and management strategies;
When selecting investment and management methods across various sectors, aligning the
interests of both the investor and the country is crucial;
In state-funded investment projects, the government and society should benefit from the
expected outcomes while also addressing social issues.
As a result of these approaches, the concept of attracting and managing investments can be
summarized by stating that each conceptual approach must contribute to economic development
and lay the foundation for future progress.
Financing investment projects from the state budget is generally carried out through targeted
programs and financial support mechanisms. Budgetary funds are allocated in the following
main forms: investments in the charter capital of existing or newly established organizations,
budget loans (including investment tax credits), subsidies, and guarantees.
Project financing often involves a wide range of creditors and the formation of consortiums.
Agent banks – large financial institutions – represent the interests of these groups. Sources of
financing include international financial markets, export credit agencies, financial, investment,
leasing, and insurance companies, long-term loans from the World Bank, International Finance
Corporation, European Bank for Reconstruction and Development, and leading international
investment banks.
The use of new methods to attract investments is increasing day by day. One of these is the use
of modern financial instruments. Attracting investments through such instruments has become
one of the key processes of the modern era.
REFERENCES
1.
Law of the Republic of Uzbekistan "On Investment Activity"
2.
Law of the Republic of Uzbekistan "On Foreign Investments"
3.
Law "On Measures to Guarantee and Protect the Rights of Foreign Investors"
4.
Tax
Code
of
the
Republic
of
Uzbekistan
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http://www.toshet.uz/uz/content/faoliyat/muqobil_energiya_manbai/
Toshkent elektr tarmog‘i
korxonasining rasmiy sayti.
http://economics.unian.net/finance/-ekonomika-kitaya-s-nachala- goda-vyirosla-na-.html
http://m.proved-partner.ru/analytics/research/5-kak-izmenilasy-
