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THE IMPACT OF DIGITAL TECHNOLOGIES ON CORPORATE GOVERNANCE
Ganieva Barno Abidjanovna
Notary in private practice in Mirabad district
https://doi.org/10.5281/zenodo.14966507
Abstract.
The article examines the impact of digital technologies on corporate
governance, as well as the developed sectors of the digital economy in our country today and
the work being done.
Keywords
: digital economy, digital technologies, investment, communication operators,
innovations.
The rise of the digital economy is one of the defining characteristics of the XXI century.
Digital technologies are impacting society and the economy in many ways, including through
new means of communication and collaboration; new products with a strong service
component; the role of data as a driver of economic growth; the automation of tasks through
artificial intelligence (AI); and the emergence of new business models such as platforms.
Digitalization is therefore fundamentally changing the way we live and work together. This has
implications for the well-being and cohesion of society as a whole; and for businesses in all
sectors, with implications for productivity, employment, skills, income distribution, trade, and
the environment [3]. The digital economy is much more developed in foreign countries. It is
argued that the development of the digital economy will bring unprecedented changes in
existing industries. Today, the development of the digital economy is essential for the
development of all sectors.
International experience shows that today digital technologies are developing rapidly
mainly in the scientific community and the private sector. Therefore, the state should create a
favorable ecosystem, supporting innovative projects in these areas [1]. In the context of
globalization of the world economy and technological development, it is difficult to imagine the
economic development of Uzbekistan without a digital economy. According to research, by
2022, a quarter of global GDP will be in the digital sphere. However, the fact that Uzbekistan
ranks 103rd out of more than 170 countries in the international ICT development index
indicates that there are still many unresolved issues and work to be done in this area in our
country.
The head of our state stated that "....although our country rose 8 places in the international
ICT development index in 2019, it is still far behind. It is also true that most ministries,
departments, and enterprises are completely far from digital technologies. Of course, we know
very well that the formation of a digital economy requires the necessary infrastructure, a lot of
money and labor resources. However, no matter how difficult it is, if we do not start this work
today, when will we start?! Tomorrow will be too late. Therefore, an active transition to a digital
economy will be one of our top priorities in the next 5 years [2].
There are problems in the telecommunications market of Uzbekistan that prevent the
country from fully realizing its potential for the growth of the digital economy. The main factor
limiting the market is competitive competition that increases investment and raises prices. As
a result, the cost of IP transit remains the most expensive in the world, and the country's per
capita capacity is very low. UzTelecom also provides long-distance services and has the largest
network in the country. Although it has approximately 24,500 domestic fiber kilometers in
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service as of June 2018, this is a low figure for the country. Although there are no legal
restrictions on other operators entering the market, including foreign companies, there is clear
evidence that UzTelecom receives preferential access and pricing for ISP connections. Complex,
unconventional licensing processes for mobile network operators (MNOs) have forced some
foreign companies to exit the market altogether in the past, and existing tax structures are
hindering the growth of private MNOs [1].
To summarize, for every country to grow, develop and prosper, there must be new
changes, ideas and new procedures that are changed from time to time in every field. In today's
era, the Digital Economy and its development are one of the demands of the time. The prospects
for the development of our country also depend on the development of the digital economy and
the level of coverage of digital technologies.
As the head of our state emphasized, the formation of the economy requires a lot of money
and labor. But we must not be afraid of this and form a digital economy. We must start this work
today, right now, with responsibility and determination. Each person is responsible for the
development and progress of the country. Each of us must take this issue seriously. The
proposal of our President Sh.M. Mirziyoyev to name 2020 the "Year of Science, Enlightenment
and Digital Economy Development" in his Address to the Oliy Majlis on January 24, 2020,
literally confirmed that a turning point has begun in the life of Uzbekistan in line with global
development. Each law, proposal, and recommendation on the development of the digital
economy must be implemented in a timely manner and widely promoted. Some elements of the
digital economy are already successfully operating in the life of our country. In particular,
taking into account the mass transfer of documents and communications to digital means,
electronic signature authorization and communication with the state are also being transferred
to electronic platforms. Of course, this should not stop, and work on the transition to a digital
economy should be carried out intensively in other areas.
It is also advisable for the state to support modern methods of digital education in the
field of supporting innovation and digital ecosystems, develop norms for the effective
regulation of innovative services, assist in the development of new markets, and take measures
to reduce risks arising from the deepening of technological processes.
Foydalanilgan adabiyotlar/Используемая литература/References:
1.
Orzikulov F. I. (2022). Current state and development of corporate governance in the
conditions of the digital economy. Scientific progress, 3 (1), 958-962.
2.
Rakhmonkulova G. M. (2021). Digitalization as a factor of sustainable development.
Economy and Finance (Uzbekistan), (7 (143)), 60-64.
3.
Khalmuradov E. Theoretical foundations of the use of digital technologies in the
innovative development of corporate governance//Journal of Green Economy and
Development. 2024-09-07. P. 87-92.
