0Tashkent State University of Economics
O'zbekiston - 2030 strategiyasi: inson salohiyatini ro'yobga chiqarish imkoniyatlari Uzbekistan - 2030 Strategy: _Opportunities to Realize Human Potential
PROSPECTS FOR DEVELOPMENT OF INVESTMENT ATTRACTIVENESS IN REGIONAL ECONOMY DEVELOPMENT
Shakhriyor Solijon ugli Mukhamadjanov
Head of the Department of the Republican scientific-methodological center for the development of education, PhD
ABSTRACT
This article discusses the research of scientists in the field of investment attractiveness and the concept of investment attractiveness, substantiates the features of investment attractiveness for the development of the regional economy, and analyzes the importance of assessing the investment attractiveness of the region's economy. In conclusion, recommendations and conclusions on the development of this industry are developed.
Keywords: investments, investment activity, region, investment attractiveness, assessment, investment climate.
The development of the region's economy is unrealistic without investment. Investment activity is understood as the investment and implementation of practical actions in order to make a profit and achieve another beneficial effect. In practice, investment activity is carried out by developing and implementing an investment project, which, according to the current legislation, is understood as a rationale for the economic feasibility, volume and timing of capital investments, including including the necessary design and estimate documentation developed in accordance with the legislation of this country and approved in the prescribed manner of norms and standards, as well as a description of practical actions for the implementation of investments [1].
In the scientific literature, two main approaches to the definition of this economic category prevail. Representatives of the first of them adhere to the point of view of the synonymy of the concepts of "investment climate" and "investment attractiveness".
They assess the investment climate by two components - investment potential and investment risk, the same variables determine investment attractiveness. So, according to Roizman I., Grishina I., Shakhnazarov A., the investment climate of the country is the most generalizing characteristic of investment processes and is a set of various socioeconomic, natural, environmental, political and other conditions that have developed over the years, determining the volume of attraction investments in the fixed capital of the country [2].
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Tashkent State University of Economics
O'zbekiston - 2030 strategiyasi: inson salohiyatini ro'yobga chiqarish imkoniyatlari Uzbekistan - 2030 Strategy: _Opportunities to Realize Human Potential
The investment attractiveness of the territory is formed by 4 blocks of factors: investment potential, investment risk, investment activity and investment climate.
The investment potential is assessed based on the totality of "private" types of potential: resource and raw materials, production, infrastructure, innovation, labor and others.
Key factors attracting foreign investment to Uzbekistan:
- rich and diversified natural resources (gas, gold, cotton, hydropower resource
base);
- socio-political, macroeconomic and financial stability;
- a relatively low level of public debt and comfortable foreign exchange reserves;
- an ambitious state investment program;
- the scale of the capacity of the domestic market with a population of 36 million;
- strategic geographical position between China and Europe [3].
Based on the above essence of the investment attractiveness of the region's economy for foreign direct investment, it should be noted that its assessment in terms of content has the following main features.
First, the subjectivity of assessing the investment attractiveness of the region's economy. If the investment attractiveness of the region's economy as an economic category is objective, then its assessment by a potential investor is always subjective and is determined by its perception in terms of the possibility of achieving its strategic goals, which may include: - mastery of some limited resource (raw materials, sales markets, territory, energy, consumers and others);
- promotion and formation of own standards for products or services;
- achieving a monopoly position in the industry;
- protection of invested capital;
- mastery of intellectual property;
- attraction and retention of highly qualified personnel;
- attracting allies, creating an extensive network of branches and others.
In this regard, since the goals of the investor in each specific case are subjective, the assessment of the investment attractiveness of the region's economy will always be subjective.
Secondly, the uniqueness of the assessment. Assessing the investment attractiveness of a region as an economic system generally has objective and subjective components. The first component reflects, on the one hand, the existing investment potential, on the other hand, the risks affecting the level of its implementation, and on the third, the level of activity of foreign investors making direct investments in the
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Respublika ilmiy-amaliy konferensiyasi
Tashkent State University of Economics
O'zbekiston - 2030 strategiyasi: inson salohiyatini ro'yobga chiqarish imkoniyatlari Uzbekistan - 2030 Strategy: _Opportunities to Realize Human Potential
region's economy. The second component of the assessment of the investment attractiveness of the region's economy characterizes the system of preferences that an investor of a certain type builds, setting the "weights" of the importance of individual objective factors. Thus, the assessment of the investment attractiveness of the economy of one and the same region will generally vary for different groups of investors.
Thirdly, the assessment of the investment attractiveness of the region's economy is complex in nature, providing for its implementation, taking into account both the objectively emerging economic situation and the dynamics of its change. Depending on the type of initial data, the assessment of the investment attractiveness of the region's economy for foreign direct investment can be carried out on the basis of three main approaches:
- objective, i.e. when the assessment is based only on statistical data;
- subjective, i.e. in the case of applying a model in which the determination of the main components of investment attractiveness (model parameters) is carried out only by an expert;
- objective-subjective, involving the formation of a model based on a combination of statistical data and data obtained by an expert.
In our opinion, is the substantive aspect of investment attractiveness. Since in modern economic literature there are different points of view on the composition and significance of its components, this predetermines the need for their more detailed consideration.
REFERENCES
1. A.A.Vershinina, N.Y. Bambaeva. Content of investment attractiveness of a region economy as an economic category. Statistics and Economics. 2013. No.4. p. 8-41.
2. I. Roisman, I. Grishina, A. Shahnazarov. Typology of investment climate of regions in the new phase of development of the economy / /Investment in Russia, 2013. No.3. p.3.
3. M.S.Inogamova. Economic growth and increasing the investment attractiveness of the region "Economy and innovative technologies" scientific electronic journal. 2021. No.4. p.116-125.
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