CC BY
7
УДК: 336:330.3(575.1)
Olimova Nodira Kh., Akhmadaliyev Dilmurod Kh., Gulomova Imona R.
Fergana State University, Fergana, Uzbekistan
WAYS TO RESOLVE THE PROBLEMS ASSOCIATED WITH THE MECHANISM OF FINANCING INVESTMENT
ACTIVITIES IN THE NATIONAL ECONOMY
Annotation
An active investment policy is the most effective means of restructuring the economy. At the same time, the lack of investment projects developed taking into account the raw materials, infrastructure and labor potential of regions and sectors of the economy hinders the process of actively attracting foreign capital.
This study focuses on the financing of investment activities and provides recommendations for their elimination.
Key words
Economy, region, investment policy, financing, infrastructure, foreign capital, potential
Олимова Нодира Хамракуловна, Ахмадалиев Дилмурод Хурматиллоевич, Гуломова Имона Расуловна
Ферганский государственный университет, Фергана, Узбекистан
ПУТИ РАЗРЕШЕНИЯ ПРОБЛЕМ, СВЯЗАННЫХ С МЕХАНИЗМОМ ФИНАНСИРОВАНИЯ ИНВЕСТИЦИОННОЙ ДЕЯТЕЛЬНОСТИ В НАЦИОНАЛЬНОЙ ЭКОНОМИКЕ
Аннотация
Активная инвестиционная политика является наиболее эффективным средством структурной перестройки экономики. В то же время отсутствие инвестиционных проектов, разработанных с учетом сырьевого, инфраструктурного и трудового потенциала регионов и отраслей экономики, сдерживает процесс активного привлечения иностранного капитала.
В данном исследовании основное внимание уделяется финансированию инвестиционной деятельности и даются рекомендации по их устранению.
Ключевые слова Экономика, регион, инвестиционная политика, финансирование, инфраструктура, иностранный капитал, потенциал
Today, a large-scale work is being carried out in the country to improve the investment climate, increase the competitiveness of economic sectors and effectively regulate investment activities as the basis for stimulating investment in the country.
The investment strategy of Uzbekistan gives priority to investment projects based on new and high technologies, equipped with advanced technologies and providing deep processing of raw materials, aimed at increasing the country's export potential and creating new jobs.
Among the main directions of the investment policy of Uzbekistan are:
АКАДЕМИЧЕСКОЕ ИЗДАТЕЛЬСТВО «НАУЧНАЯ АРТЕЛЬ»
- the desire to create a legal environment for attracting investments in accordance with international standards and conventions recognized by investors in industrialized countries;
- assistance in foreign exchange self-financed investments in projects related to production;
- consistent implementation of the policy of "open doors" for investors, the provision of world-class technologies and the promotion of the creation of a modern structure of the economy;
- support for investment projects aimed at solving social and environmental problems in certain regions of the country;
- relief of the tax burden, focus on the development of production;
- effective implementation of investment programs (the policy takes into account that the current system of budgetary financing of state-owned enterprises can create a certain degree of dependence for them and create more favorable conditions for them in investment activities than non-state sector entities);
- further improvement of the control functions of state administration bodies, state organizations.
Based on an active investment policy, Uzbekistan has accumulated its own experience in financing
investment activities. However, modern practice requires its further improvement. Because, first, in this regard, world practice has formed a system of high experience and modern practice in most countries, which effectively contributes to the active development of investment activity in these countries. This, in turn, has a positive impact on sustainable economic growth. Secondly, the need for further development of investment activity in Uzbekistan and the seriousness of a number of existing problems in its financing and the need to solve them. Thirdly, the solution of existing problems is an important factor in improving the efficiency of financial management of investment activities.
Therefore, based on our study, we can say that today in our country there are the following problems of financial management of investment activities:
- one of the most important and fundamental problems of financial management of investment activities - infrastructure problems, including interruptions in the supply of enterprises with electricity, natural gas, water and fuel - measures to ensure uninterrupted supply of electricity and natural gas to exporters development and control of activities;
- the problem of uniform distribution of joint ventures across the country. This requires incentives to locate FDI enterprises throughout the country;
- lack of working capital for the purchase of raw materials, study of the financial and economic situation of the enterprise, coordination of its work on financial recovery, debt restructuring;
- lack of raw materials at agricultural processing enterprises - rational distribution of production capacities and study of issues of the raw material base together with the initiators of the project;
- the presence of a risk of untimely receipt of income (cash receipts from the project) as a result of the implementation of investment projects, and the factors of such risks are associated with the process of production and sale of products, mutual settlement;
- an important problem is that commercial banks perform functions that are not typical of credit and financial organizations;
- regular organization of trainings, seminars and exhibitions dedicated to the production and export potential of small businesses and private entrepreneurship, marketing and sales;
- most owners of private capital in the country do not invest their own funds in production;
- own funds of enterprises remain the main source of domestic investment in the country. However, the assessment of the possibility of further squeezing at the expense of profits in today's declining inflation in the face of reduced production is somewhat disappointing. At the macro level, the reduction of the depreciation fund leads to the loss of its reproductive capacity;
- insufficient development of the system of national funds, insurance, investment funds and other
investment structures in the country has a negative impact on the high level of capitalization of national funds and their transformation into investment instruments;
- the underdevelopment of modern market mechanisms for the active transfer of capital from one sector to another, including through the stock market, hinders this process. This undermines the movement, profitability and efficiency of capital and, ultimately, economic growth. This is expressed in the fact that the stock market has not yet become an active means of raising funds for production;
- the inability to attract foreign investment in the national economy through the sale of securities of domestic enterprises, including state-owned enterprises, in international securities markets;
- lack of highly liquid securities in the country's secondary securities market, commercial securities of foreign exchange securities and solvent issuers, as well as very weak integration of our national securities market into the world market.
List of used literature
1. Хайдаров У.А. Миллий ицтисодиёт доирасида инвестиция фаолиятини молиялаштириш механизмини такомиллаштириш. Диссертация автореферати, 08.00.07-Молия, пул муомаласи ва кредит.
2. Эргашев, А.Х., Уринбаева, Д.Х., & Гайбуллаева, Г.М. (2015). Способы развития предприятий реального сектора с помощью государственных инвестиционных программ. Научный журнал" Cognitio Rerum", (8), 31.
3. Olimova, N.X., & Axunova, O.E. (2020). Evaluation of the investment environment of Fergana region and investment activity of real sector enterprises in it. // Новые информационные технологии как основа эффективного инновационного развития, 102-109.
4. Эргашев, А.Х. (2019). Приоритетные направления повышения роли инвестиций в реализации и модернизации комплексной программы промышленного развития страны. // Тенденции развития мировой торговли в XXI веке (pp. 424-427).
5. Эргашев, А.Х. (2021). Перспективы эффективного использования маркетинговых стратегий для повышения инвестиционной активности Ферганской области. Cognitio rerum, (7), 42-45.
6. Олимова, Н.Х. (2019). Роль свободных экономических зон в развивающихся странах и анализ привлеченных инвестиций в их экономическое развитие. // Тенденции развития мировой торговли в XXI веке, 349-354.
© Olimova N., Akhmadaliyev D., Gulomova I., 2022
УДК 338.22
Абдуллоева Хабиба Рузибоевна
старший преподаватель, Политехнический институт Таджикского технического Университета
имени академика М. Осими в г. Худжанде, Республика Таджикистан, г. Худжанд
РАЗВИТИЯ РЕГИОНАЛЬНОЙ ИНТЕГРАЦИОННОЙ СТРУКТУРЫ: КЛАСТЕРНЫЙ ПОДХОД
Аннотация
В статье рассмотрены описание кластерной политики, которая является чрезвычайно важным
