83
Ан
но
WAYS OF ATTRACTING INVESTMENTS TO AGRIBUSINESS
AND USING THEM EFFECTIVELY
1
Jurayev Omadjon Ravshanbek o’g’li.,
2
Kamoliddinov Sherzodbek Latifjon o’g’li
1
Andijan Institute of Agriculture and Agrotechnologies.,
Department of Agribusiness and
Marketing,
2
Agrobusiness and investment activity educational direction 3rd year student of
group 67
Maqola haqida ma’lumot
Qabul qilingan: 30.05.2024
Qayta qabul : 30.05.2024
Saytda mavjud : 31.05.2024
Muallif (lar)
Jurayev O.R
*Kamoliddinov SH.L
Muallif bilan aloqa
https://orcid.org/0009-0001-7859-094X
sherzodbekkamoliddinov071@gmail.com
© Muallif. Kamoliddinov SH.L va
boshqalar
UNIVERSAL xalqaro ilmiy jurnal
Ochiq ma’lumotlar:
https://universaljurnal.uz/index.php/jurnal
Maxfiylik bayonoti
Materialni istalgan vosita yoki formatda nusxalash va
qayta tarqatish hamda maqoladan toʻgʻri iqtibos keltirish
va litsenziyasini koʻrsatish sharti bilan istalgan maqsadda
foydalanish mumkin.
Abstract:
The article examines the processes
related to the improvement of the ways of attracting
investments to Agribusiness and their effective use.
Factors influencing the processes of attracting foreign
investments and their effective use were assessed, and
their impact on the effectiveness of the country's
investment activities. Existing shortcomings in the
ways of attracting foreign investments and their
effective use have been identified. A scientific
proposal
and
practical
recommendations
improving the system of attracting foreign
investments to the national economy have been
formulated.
Key words:
investment activity, investment
potential, investment attractiveness, competitive
advantage, investment efficiency, investment risk,
market mechanism.
Аннотация:
В статье рассматриваются
процессы, связанные с совершенствованием
способов привлечения инвестиций в АПК и их
эффективного использования. Оценены факторы,
влияющие
на
процессы
привлечения
иностранных инвестиций и их эффективное
использование, а также их влияние на
эффективность инвестиционной деятельности
страны. Выявлены существующие недостатки в
способах привлечения иностранных инвестиций
и
их
эффективного
использования.
Сформулированы научное предложение и
практические
рекомендации
совершенствованию
системы
привлечения
иностранных инвестиций в национальную
экономику.
Ключевые
слова:
инвестиционная
деятельность,
инвестиционный
потенциал,
инвестиционная
привлекательность,
конкурентное преимущество, эффективность
инвестиций, инвестиционный риск, рыночный
механизм.
Universal International Scientific Journal
Universal Xalqaro Ilmiy Jurnal
Jurnalning bosh sahifasi:
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Investments,
including
foreign
investments, play an incomparable role in
the rapid development of Uzbekistan's
economy
and
the
introduction
of
innovations, as well as in ensuring
macroeconomic stability and high rates of
economic growth. The increasing focus on
investment has led to today's led to the
development of investment activity in our
country. It should be noted that the main
focus is on foreign investments among the
most urgent issues that we should pay
attention to in the future.
In the Address of the President of the
Republic of Uzbekistan Sh.M. Mirziyoev to
the Oliy Majlis: "World experience shows
that any country that has pursued an active
investment policy has achieved stable
growth of its economy. That is why
investment is the driver of the economy, in
Uzbek terms, the heart of the economy, it is
no exaggeration. We will achieve rapid
development of our economy only by
actively
attracting
investments
and
launching new production facilities. Positive
results in the economy make it possible to
systematically
solve
the
accumulated
problems in the social sphere. We must all
understand this deeply and organize our
work on this basis. In order to widely attract
foreign investments, it is necessary to take
measures
to
fully
demonstrate
the
investment potential of our country, which
should be one of the most urgent issues in
our daily life" [1], and acknowledges the
extremely important importance of foreign
investments in the development of the
economy and the urgency of attracting them.
A number of measures aimed at
increasing the investment attractiveness of
our country's economy and improving the
system of effective use of the existing
investment potential are specified in the
Resolution of the President of the
Republic of Uzbekistan dated April 29,
2019 "On measures to further improve
the mechanisms of attracting foreign
direct investment to the economy of the
Republic" No. PQ-4300 attention was
paid, and in this regard, priority was
given to tasks related to increasing the
efficiency of attracting foreign direct
investments to the republic's economy,
informing foreign investors about the
opportunities and potential of our
country [3].
Based on the above, it is evidence
that in the formation of ways of
attracting foreign investments to the
national economy and their effective
use, the implementation of research
aimed at ensuring the compatibility of
state and market mechanisms in
achieving
priority
in
regional
competitive advantages of investment
potential, level of investment risk, and
attracting investments is of urgent
importance.
Analysis of literature on the topic
A number of research studies
within the framework of attracting
foreign investments to the national
economy and forming ways of their
effective
use
are
of
particular
importance in the scientific research of
foreign economists C.Liesbeth, M.Miet,
S.Jo. According to researchers, the
process of economic liberalization in
transition countries is an important
factor in improving the system of
attracting foreign direct investments.
Attracting technology and knowledge to
national enterprises through direct
capital accumulation and technological
know-how ensures sustainable rates of
economic growth[4].
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In the studies of P. Mihaela, A. Vaqar,
H. Helian, the institutional mechanism of
attracting foreign investments to the national
economy is studied. According to the results
of the research, it is noted that the
institutional quality changes in the country's
economy have a positive effect on the
system
of
attracting
foreign
direct
investments [5].
V.D. Andrianov's scientific studies
have studied the theoretical foundations of
the investment potential of the national
economy,
the
concepts
within
the
framework of the investment potential have
been theoretically summarized, and the
feasibility of using the system of financial
privileges
to
increase
it
has
been
emphasized[6].
M. V. Charaeva's scientific studies
have studied the conceptual basis of
financial management processes of real
investments of organizations. Features of
strategic financial management of real
investments in the conditions of innovation-
oriented economy [7].
T.V.Uskovao's scientific research
shows that the task of ensuring high rates of
economic growth is of strategic importance,
that its solution requires a transition from
raw materials export to an innovative model
of the economy, and that investments are of
primary importance in this regard[8].
M.M. Prusak emphasized that the
modernization of the economy and the
provision of real conditions for economic
growth require the activation of investment
activities both in the country as a whole and
in the regions [9].
N.G.Karimov, taking into account
macroeconomic,
legislative
and
administrative conditions and opportunities
for foreign investment enterprises, the
processes related to the introduction of a
stable tax legislation system and the
formation of a program for attracting
foreign investments to the economy are
researched[10].
In R.H. Bozorov's scientific
research, the factors, characteristics of
the investment environment, attraction
of foreign investments are directly
related to the participation of the
national economy in international
indices.
In the above studies aimed at
substantiating the ways of attracting
foreign investments to the national
economy and their effective use, the
possibilities of ensuring the active pace
of investment processes and economic
growth by creating macroeconomic
conditions were studied. processes
related to the role of the competent
consumer market have not been studied.
Research methodology
The
available
scientific
researches on ways to attract foreign
investments
to
the
economy
of
Uzbekistan and their effective use, study
the experience of foreign countries,
compare and analyze statistical and
economic
data,
logical
thinking,
scientific
abstraction,
information
grouping,
analysis
and
synthesis,
induction and deduction methods are
widely used. .
Analysis and results
The economy's demand for
investment, the lack of investment
funds, requires the efficient use of
investment
resources.
In
the
management
and
evaluation
of
investment projects, the financial and
economic analysis of the country
proposing this project is a necessary
component. In order to develop the
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investment activities of the national
economy and improve their financing, it is
necessary to study and improve the
financing experiences of foreign countries
with developed economies and pay special
attention to the issues of using positive
achievements in their practice. Based on the
above, the financial issues related to the
investment environment and the problems of
financing investment activities are being
solved in a systematic manner in order to
increase the effectiveness of investment
utilization in the economy of our country.
The long-term effectiveness of the
investment
activity
strategy
varies
depending on the totality of investment
resources, the effective methods, tools and
influence forces used by the state authorities
of investment placement within the sector
and enterprise. The structural direction of the
process includes the following elements:
- compliance of the investment
activity strategy with tactical and strategic
management criteria;
-
interrelationship
between
various elements of investment activity
management
factors
that
are
implemented to achieve the goal;
-
management
resources,
material, technical, financial, social,
institutional and other resources that are
used with the selected management
method and the goal is achieved. A well-
thought-out investment policy is of
great importance in ensuring the rapid
pace of economic development and
maintaining macroeconomic stability in
our republic. After all, investments, as
an important factor of economic
development, provide modernization of
production, technical and technological
updates and innovation, creation of new
jobs and increase of income of
enterprises. How important the issue is
for years
Figure 1. The volume of capital investments in the Republic of Uzbekistan
in 2016-2020, billion soums[15]
As can be seen from the given data,
the amount of capitalized investments is
increasing sharply. In 2020, it can be seen
that the volume of investments in our
republic has increased 4 times
compared to 2016, even in the
conditions of the global economic
decline and crisis due to the coronavirus
pandemic.
250000
200000
150000
100000
50000
0
1
2016
2017
2018
2019
2020
51232
202000,1
195927,3
72155,2
124231,3
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In
the
growth
dynamics
of
investments, the growth rate of 3 percent
only in 2020 is directly related to the
pandemic conditions. However, the growth
in 2019 was 57.7 percent, the highest figure
in the last five years. It is noteworthy that the
rapid growth of the volume of
investments is a practical result of
conducting a far-sighted and well-
thought-out investment policy in our
republic.
Figure 2. Ratio of fixed capital investment to GDP in 2018-2020
The highest indicator of the sources of
financing of fixed capital investment growth
was observed in unsecured and other foreign
investments and loans. Compared to 2019,
this figure was 163.2 percent. Such high
growth was achieved due to the organization
of cement production, production of
electronic gas meters, medicine in the form
of kalava, infusion and injection mixture. In
AuminzoAmantoy gold deposits, I-II stages,
reprocessing of the Muruntau quarry (V
turn) I stage, construction of man-made
waste processing complex (I-II stages), a
number
of
projects
related
to
the
construction of the Tashkent metal plant,
high growth of investments served to ensure
their pace.
Making investments in the country's
economy, mobilizing investment projects in
lagging sectors remains one of the main
issues of our republic. At the same time, it
should be recognized that in our republic,
work with foreign investors who have the
potential to invest in our economy is not
being carried out at the level of demand. In
particular, there is no opportunity to have the
necessary and necessary information on the
great opportunities for investing in
Uzbekistan in real time, as well as the
comprehensive, favorable conditions
and guarantees created for investors. In
this sense, in attracting investment
projects, improving the social and
political environment of the country,
introducing various perferences, low tax
rates, as well as training mature
personnel, organizing training and, of
course, the national "Uzbek model" in
connection with future contracts it is
appropriate to do. It is necessary to
establish a special fund or economically
important
institution
for
the
management of investment projects.
It is necessary to prepare areas for
investors in terms of infrastructure.
Such an economic policy is hardly
implemented in our country. However,
it is an important mechanism that
provides a competitive advantage to the
region. Only at the final stage of the
investment agreement, the regional
leaders are ready to discuss budget
allocations for the preparation of
industrial areas. Since the infrastructural
January-December 2020 34.8%
2019-38.4%
2018 -30,6 %
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preparation of new industrial areas requires
a large amount of money, it is difficult to
wait for the emergence of areas that will
carry out such preparation until concrete
investors appear or sign an agreement with
an investor in the near future.
Conclusions and suggestions
The main goal of the investment
policy implemented in our country in recent
years is to export the products or services of
enterprises established with the participation
of foreign investments. For this, it is very
important to reorganize the activities of
enterprises based on our local enterprises, to
participate in them, that is, to participate in
the decision-making of the parties based on
the share of shares, and most importantly, to
increase the competitiveness of the products
or services of enterprises with foreign
investments in the foreign market. In our
opinion, the implementation of the above
recommendations will allow the active
involvement of investment projects in
the national economy and ensure the
stability of the investment environment.
The use of various methods to
attract foreign investors is already
bearing fruit. An active and well-
directed investment policy is the most
important
factor
for
rapid
and
proportionate
economic
growth,
implementation of deep structural
changes and diversification of the
economy. Uzbekistan was able to create
a unique investment climate, and the
fact that the country is rich in resources
and the wide opportunities given for the
establishment of enterprises in the field
of extraction and processing, as well as
the modernization of existing ones,
created the ground for the entry of
foreign investors.
List of sources and references:
1. Address of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Oliy
Majlis. "Khalk sozi" newspaper, December 29, 2018 No. 271-272 (7229-7230).
2. Decree of the President of the Republic of Uzbekistan of August 1, 2018, No. PF-5495 on
measures to fundamentally improve the investment environment in the Republic of Uzbekistan.
3. Resolution PQ-4300 of the President of the Republic of Uzbekistan dated April 29, 2019
"On measures to further improve the mechanisms of attracting foreign direct investment to the
economy of the Republic".
4. Liesbeth Colen, Miet Maertens and Jo Swinnen. Foreign direct investment as an engine for
economic growth and human development: A review of the arguments and empirical evidence.
January 2009 DOI: 10.4324/9780203076880 https://www. researchgate.net/publication/237244956
5. Mihaela Peres, Waqar Ameer & Helian Xu (2018) The impact of institutional quality on
foreign direct investment inflows: evidence for developed and developing countries, Economic
Research-Ekonomska Istraživanja, 31:1, 626-644, DOI: 10.1080/1331677X .2018.1438906
https://doi.org/10.1080/133167 7 X.2018.1438906
6. Andrianov V.D. Russia: economic and investment potential. - M.: OAO "Izdatelstvo
"Ekonomika", 1999. - 662p.
7. Charaeva M.V. Finansovoe upravlenie realnymi investmenti organizatsiy: uchebnoe posobie
/ M.V. Charaeva. Moscow: Alfa-M, 2014. 240 p.
8. Uskovao T.V. The role of investment and sustainable economic development. Economic
and social changes: facts, trends, forecasts 6 (30) 2013, pp. 45-59.
9. Prusak M.M. Strategy in the region: investment and economics // Finance. 2001. - No. 1. -
S. 6-8.
