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107WAYS OF ACTIVATION OF FOREIGN ECONOMIC ACTIVITY OF THE REPUBLIC OF UZBEKISTAN IN THE CONDITIONS OF
GLOBALIZATION Kurpayanidi Konstantin Ivanovich, Ph D in economics, professor of the Russian academy of natural sciences, Fergana polytechnic institute, Fergana, Uzbekistan Corresponding member of the International Academy of Theoretical & Applied Sciences E-mail: w7777@mail.ru
In the article, on the basis of the conducted system analysis of foreign trade statistics, the main directions of further activization of foreign economic activity of business entities in the Republic of Uzbekistan are considered.
Keywords: foreign economic activity, WPP, investments, roadmap, investment process.
The current stage of development of the world economic system is characterized by a combination of profound socio-economic changes associated with the development of the globalization process. We are talking about the formation of a new system of economic relations, and it becomes necessary to isolate from the general system of structural and functional subsystems the relations in the world economy of key aspects that are of significant importance. These aspects, first of all, are connected with the emergence of cross-border capital, which forms the investment field of the global economy in the process of its movement. It is the supranational financial and investment capital that has given a qualitatively new content to the world economic system and the process of its globalization[1].
With the strengthening of the role of this capital, in our opinion, a new type of economy is being formed, based on the priority of investment ties. The main subjects of economic relations are no longer countries, but oligopolistic structures - multinational companies and their alliances. With the development of this system of economic relations, the need to address the problems of the correlation between global and national, in particular, the adaptation of national economies to changing conditions, their integration into the global economic system, is growing.
The primary postulate of the purely positive impact of globalization on national economies over the past few years has been critically rethought. Economic imperatives (the dominance of TNCs and the transformation of the role of national states, the benefits of globalization by the strongest participants, the persistence and growth of gaps in the level of socioeconomic development and the competitive potential of countries, the collapse of financial markets, etc.) led to the formation of other, ambiguous assessments of the role of this process.
In modern conditions, investment capital moves in accordance with the principle of economic expediency and concentrates in regions where it is possible to
achieve the greatest efficiency. The influx of foreign investment is becoming one of the key criteria for the country's status, the success of its inclusion in the global economy. With the help of attracting investment capital, structural changes are being made more actively, aimed at developing a new economic specialization and winning a marketing niche. Financial instruments that promote large-scale investment in new technologies, increased capital mobility, and risk management are increasingly being used [2].
Meanwhile, along with the noted trend, in the last decades there have appeared other processes associated with the emergence of new types of investment operations of developing countries in developed markets and reflecting the expansion of their participation in the international capital market with the aim of using foreign resources for economic growth.
International practice has shown that the majority of developing countries that are experiencing a deficit of investment flows are adopting a number of investment policy instruments in industrialized countries. In some of them, the acute-ness of the recession and the recognition of the key role of investment have led to the state's simultaneous attempts to stimulate private investments, to finance them in the social sphere and to provide preferential financing to private investment projects.
In general, the volume of savings in the world is close to the level of accumulation of fixed capital and investment (although in some countries these figures vary): in the last decades of the twentieth century, the rate of gross saving was equal to the norm of gross capital formation of 23-24%. In developed regions, the gap between savings and investment is not significant. So, in the US, investments outstrip savings by 5% of GDP, Japan - by 3% of GDP, new industrial countries - by 6.5% of GDP, euro area countries, investments are insignificantly inferior to savings. In most developing countries, the norm of gross accumulation is much higher than the norm of gross saving [3].
It is estimated that in 2017 global economic growth was 3.0 percent; this figure is significantly higher than the rate of growth in 2016, which was only 2.4 percent, and represents the highest growth rate of the world economy since 2011. In many countries, employment indicators continue to improve; approximately two thirds of countries showed a more confident growth in 2017 compared to the previous year. It is expected that in 2018 and 2019 the growth rate of the world economy will remain at the level of 3.0 percent[4].
Thus, according to the UN WORLD INVESTMENT REPORT INVESTMENT AND THE DIGITAL ECONOMY -2017, the current global financial and economic crisis has had a deterrent effect on foreign direct investment (FDI). After strong growth in 2015, global FDI flows lost growth momentum in 2016. Inflows of FDI fell 2 percent to $ 1.75 trillion, amid weak global growth. Investment flows to developing countries have suffered particularly badly, with a drop of 14 percent or a total of $ 646 billion. FDI remains the largest and most constant external source of financing for economic development,
compared with portfolio investments and remittances. In general, the inflow in all developing regions has declined:
• FDI inflows to developing Asia fell by 15 percent to $ 443 billion in 2016. This first reduction in five years was relatively common, with double-digit declines in most of the sub regions except South Asia;
• FDI flows to Africa continued to decline, reaching $ 59 billion, which is 3 percent less than in 2015. The decline is mainly due to low commodity prices;
• The downward trend in FDI flows to Latin America and the Caribbean accelerated, inflows fell 14 percent to $ 142 billion as a result of the continuing economic downturn, commodity prices and export pressure;
• FDI in a structurally weak and fragile economy remains fragile. Flows to such countries fell to a minimum of 13 percent, to $ 38 billion.
Taking into account that international trade and investment are estimated in major statistical publications and developments in dollars, the dollar's weakening in 2011-2017 exerted a significant influence on its cost parameters and, in particular, the dynamics. in relation to major currencies. Meanwhile, the fluctuation of the dollar rate is constantly, which makes it difficult to identify the real dynamics of foreign trade. In this regard, it is extremely necessary to assess the impact of the foreign exchange factor on the indicators of international trade. At the same time, the analysis of this influence is not available in studies of the development of international trade, which makes it difficult to determine the real trends of the world foreign trade.
As a factor of innovative investment, TNCs are considered. The trans nationalization of production and capital on the basis of the development of productive forces, overgrowing the national-state borders, is an important element of the present stage of the development of the world economy. The rapid growth of foreign direct investment, the emergence of the technological division of labor beyond the boundaries of firms, industries and national boundaries is accompanied by the emergence of giant international research and production complexes with branches in different countries and on different continents. TNCs transform the world economy into international production, ensuring the acceleration of scientific and technological progress in all its directions:
■ technical level;
■ product quality;
■ production efficiency;
■ improvement of forms of management and management of enterprises.
A comprehensive strategy is to decentralize the management of an international concern and significantly increase the role of regional management structures. Such a policy became possible thanks to advances in communications and information technology, the development of national and international data banks, and ubiquitous computerization. It allows TNCs to coordinate the production and financial activity of foreign affiliates and subsidiaries. Integrated integration within TNCs requires an integrated organizational structure, which is expressed in the creation of regional management systems and organization of
production. Investment strategies of TNCs can provide additional overflow of foreign capital. In recent years, the corporate strategy has focused on global processes, and foreign direct investment has become an integral part of them. Moreover, using new technologies, companies strengthen strategic opportunities to strengthen their positions in foreign markets and increase the efficiency of capital investments.
After gaining independence, Uzbekistan took the path of creating a society based on a market economy, developing cooperation with different countries of the world, integrating into the world market system, primarily through improving foreign trade and attracting foreign investment. The analysis shows that the flow of foreign investments attracted into the economy of the republic in various forms is growing from year to year. Thus, according to the State Statistics Committee of the country [5] in January-December 2017, due to all sources of financing, 60719.2 billion soums of investments in fixed assets (USD 11.9 billion equivalent) were utilized, or 107.1% by 2016.
The volume of investments in fixed assets increased 8.7 times in comparison with 1995, 5.8 times in 2000, 4.6 times in 2005, 182.2% in 2010, 115.3%. The ratio of investments in fixed assets to GDP was 24.4%, which is 0.2% more than in 2016 (in 1995 - 29.4%, in 2000 - 22.9%, in 2005 - in 19.9%, in 2010 - in 24.6%, in 2015 - in 24.3%).
Table 1. Changes in the structure of investments in 2005-20
The source of financing 2005 2006 2007 2008 2009 2010 2017.
The state 12,7 10,7 9,0 9,0 8,1 7,4 9,4
budget
Foreign in- 19,2 19,0 22,8 25,8 32,4 28,8 26,9
vestments
Funds of en- 60,3 60,0 59,0 53,9 46,9 47,3 43,9
terprises and population
Other sources 7,8 10,3 9,2 11,3 12,6 16,5 19,8
7,%1
The share of foreign investments and credits in the total volume of investments was 26.9%, and the volume of direct foreign investments exceeded 16333.46 billion soums in equivalent.
In this process, the basis is the legislative and regulatory framework, formed in the country during the years of independence. At the same time, the Resolution of the President of the Republic of Uzbekistan of July 15, 2008 "On Additional Measures in the Sphere of Stimulation of the Implementation of Innovative Projects and Technologies in Production" (with amendments and additions
1 Compiled on the basis of State Statistics Committee.
for 2018) [6], which outlines the development of scientific and practical research and innovative developments, as well as the creation of practical mechanisms to stimulate their implementation in the modernization processes, technical and technological renovation of production, to provide stronger scientific renovation. In accordance with this, the structure of investments also changes, the results of the analysis of achievements in attracting foreign investment indicate further improvement of the investment climate in Uzbekistan, which in turn indicates the expansion of the opportunities for consistent implementation of structural changes in the economy.
Thus, modern investment activity has a great influence on the development of both the economy of the country as a whole and its foreign economic relations. Bibliography
1. Margianti E. S. et al. Systematical analysis of the position and further development of Uzbekistan national industry in the case of economic modernization. Monograph. Indonesia, Jakarta //Indonesia, Jakarta, Gunadarma Publisher. - 2014.
2. Kurpayanidi KI (2018) Questions of classification of institutional conditions, determining the structure of business management in uzbekistan. ISJ Theoretical & Applied Science, 09 (65): 1-8.
Soi: http://s-o-i.org/L1/TAS-09-65-1
Doi: https://dx.doi.org/10.15863/TAS.2018.09.65.!
3. World investment report. 2009. Transnational corporations, agricultural production & development UN,NY & Jeneva 2009.- p.90.
4. World investment report investment and the digital economy. 2017. United Nations, Geneva, 2017.
5. Социально-экономическое положение Республики Узбекистан в 2017 году. Т.: Госкомстат, 2018. С.60-65.
6. National database of legislation, 06/04/2018, №. 06/18/5399/1018. Electronic resource: http://lex.uz/docs/1372344.
Курпаяниди Константин Иванович,
Доктор философии по экономике, доцент, Ферганский политехнический институт, Член-корреспондент Международной академии теоретических и прикладных наук (США), Профессор Российской академии естествознания (E-mail: w7777@mail.ru) ORCID - 0000-0001-8354-1512
ПУТИ АКТИВИЗАЦИИ ВНЕШНЕЭКОНОМИЧЕСКОЙ ДЕЯТЕЛЬНОСТИ РЕСПУБЛИКИ УЗБЕКИСТАН В УСЛОВИЯХ ГЛОБАЛИЗАЦИИ
В статье, на основе проведенного системного анализа статистики внешней торговли, рассмотрены основные направления дальнейшей активизации внешнеэкономической деятельности субъектов предпринимательства в Республике Узбекистан. Ключевые слова: ВЭД, ВЭС, инвестиции, дорожная карта, инвестиционный процесс.
