CC BY
0THE ROLE OF INVESTMENTS IN THE DEVELOPMENT OF
ENTERPRISES
Musayeva Sh.A.
Professor of Samarkand Institute of Economic and Service, Samarkand, Uzbekistan https://doi.org/10.5281/zenodo.12738919
Abstract. In this article, attracting investments to enterprises is a factor that ensures the strategic development of enterprises, the construction of enterprises that produce products that replace imported goods, the creation of new jobs for the population, and updated techniques and technologies for the production process.
Keywords: enterprise, investment, product, strategy, process, entity, infrastructure.
Introduction. Currently, the socio-economic development of enterprises, the financial stability of any operating economic entities directly depends on the investment process. The main direction of the development strategy of each manufacturer should be focused on attracting investment funds to the national economy.
For enterprises aiming to bring the enterprises to a high level of economic development, it is important to research the investment attractiveness of the country, to develop proposals and recommendations to increase investment funds based on domestic capital resources and foreign investments and loans.
Enterprises that do not have the opportunity to attract investment resources to the economy of enterprises in a timely manner, and have a shortage of funds, will lag far behind the level of enterprises in terms of socio-economic development.
In 2017-2021, within the framework of the Strategy of Actions for the further development of the Republic of Uzbekistan, the liberalization of the economy and reduction of state intervention in management, modernization and diversification of production, attracting investments for deep economic and social reforms aimed at improving the business and investment environment, creating job vacancies, and increasing the material well-being of citizens are being implemented.
Establishment of free economic zones, technological parks and small industrial zones, which are considered as one of the means of attracting investments to enterprises, and the work being carried out to improve their efficiency are gaining importance.
The analysis of investment activity of enterprises has a long economic historical past, that is, it has been researched and studied by many economists in the history of economic sciences. In the scientific interpretation of the theory of investments and capital flows in the history of economics, representatives of political economy A. Smith and D. Ricardo, J. Mill and O. Behm-Baverk, representatives of the "Marginal Revolution", are considered to be creators of the private concept of capital.
Research methodology. Systematic approach, abstract-logical thinking, grouping, comparison, factor analysis, selective observation methods were used in the research process.
Analysis and results. By attracting investments to enterprises, today enterprises provide the following opportunities for the economy of our country:
- construction of enterprises that produce substitutes for imported goods;
- opening new jobs for the population;
- increases the size of private capital of enterprises, which is a factor ensuring the expansion of production and strategic development of enterprises;
- updated equipment and technologies are installed in the production process in enterprises and of this as result competition durable national products are produced;
- integration of enterprises with foreign enterprises and organizations is carried out.
At this point, it can be said that investments are important in ensuring economic growth, whether at the level of the country's economy or at the level of the enterprise's economy.
National manufacturing enterprises must take certain measures to attract investments to their economic activities:
they must have a business plan with a strategic perspective;
The fact that it has been operating positively will lead to the confidence of investors; it is necessary to receive;
enterprises should operate transparently and openly. For this, it is necessary that the accounting documents of the enterprise are at the required level and the final results of the enterprise's activities are publicly announced to the members of the society.
Based on the above, it is worth noting that the investment of capital by investors in the economy of Corona depends to a large extent on the rating of enterprises or the results of economic activity, but also on the political stability of the country and the policies carried out by the state. Investors are most likely to direct capital funds to enterprises from which they choose the activities of sustainable enterprises. Therefore, all enterprises try to reduce investment risk as much as possible. Like foreign enterprises, certain measures are being implemented in our country to increase the attractiveness of the investment environment for enterprises. Thus, the following factors are important in creating suitable conditions for investors in the country in order to attract investments necessary for the enterprises' activities: political stability in the country for investors; formation of property legislation; investment in the economy; creation of infrastructure for processes; convenient geographical location of the country; production development and the country's wealth of mineral resources; availability of highly qualified personnel; sufficient width of the domestic market.
Benefits and financial incentives for investors are an important factor of investment attractiveness. The creation of these opportunities ensures direct foreign investment in the production sector, in particular, to enterprises with high export potential.
One of the important directions of attracting investments to enterprises is the formation of special economic zones in our country. Navoi, Jizzakh, Angren, Gijduvon, Kukan, Urgut, Khazarasp, free economic zones have been established in our country, and today they are effectively conducting their activities and providing the necessary products for the domestic market.
If we pay attention to the changes in the size and structure of capital investment financing sources directed to our country's economy in the last two years, we can see that the size of investments has increased sharply and the structure has improved in terms of quality.
According to the data of 2023, the volume of investments in fixed capital increased by 118.1% compared to 2022 and amounted to 107333.0 billion soums. In terms of sources of financing, the funds of enterprises and residents accounted for 39.3% in 2018, 43.9% in 2017, and loans under the guarantee of the Republic of Uzbekistan made up 6.5% in 2022 and 15.5% in 2023. The amount of state budget funds, funds of enterprises and residents, funds of direct foreign investment and loans decreased, while other indicators had a tendency to increase.
Table 1
Distribution of investments in fixed capital by sources of financing (percentage)
No Funding sources 2022 year 2023 year
1 Funds of the state budget 5.5 3.8
2 Off-budget funds 3.9 5.1
3 Children sports development funds 0.3 0.3
4 Recovery and development funds 8.5 7.4
5 Loan funds under guarantee of the Republic of Uzbekistan 6.5 15.5
6 Enterprise funds 29.4 28
7 Population funds 14.5 11.3
8 Foreign direct investment and loan funds 20.4 13.7
9 Commercial bank loans and other debt funds 11.0 14.9
It should be said that a significant amount of investments in ensuring the development of the economy of enterprises is considered a positive situation. Based on the data of 2023, the weight of investments in fixed capital made up 26.3% of GDP, and compared to the indicator in the corresponding period of 2022, it increased by 3.7% points. Enterprises will have to increase the volume of attracting investments in order to realize their strategic goals in terms of economic development. For this, firstly, it is necessary to improve the existing mechanism in the enterprise related to attracting investments, and secondly, it is necessary to increase the quality and volume of production of products in the enterprise and enter the domestic and foreign markets.
It can be seen that more intensive attraction of investment funds requires passing the stage related to the improvement of the mechanism, that is, it requires some time.
In conclusion, it can be said that the positive solution of the above issues will serve to increase the volume of investments directed to the activities of enterprises, to ensure stable economic growth, ultimately to improve the finances of enterprises, and to increase the well-being of our people.
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