THE PROSPECTS OF IMPROVING THE ATTRACTION OF FOREIGN INVESTMENTS INTO THE ECONOMY OF THE REPUBLIC OF UZBEKISTAN THE PROSPECTS OF IMPROVING THE ATTRACTION OF FOREIGN INVESTMENTS INTO THE ECONOMY OF THE REPUBLIC OF UZBEKISTAN

Abstract

Mazkur tezisda O’zbekiston Respublikasi iqtisodiyotiga xorijiy investitsiyalarni jalb etishning nazariy va uslubiy asoslari yoritilgan. Xususan, xorijiy investitsiyalarning mamlakat iqtisodiyotini rivojlantirishdagi roli va ahamiyati, investitsion iqlim hamda unga ta’sir etuvchi omillar, mamlakatda xorijiy investitsiya jalb qilishdagi so’ngi yillar tendensiya tahlil qilingan hamda xorijiy investitsiyalarni jalb qilishda investitsion muhit jozibadorligini oshirish yo’llari ishlab chiqilgan.

It is impossible to realize the structural transformations and modernization of the economy, to re-equip the enterprises with modern technology and to launch production of competitive products without attracting foreign investment, especially in the leading sectors of foreign direct investment.
The attraction of foreign investments into the economy of a country plays an important role in order to ensure the economic power of country by accelerating the growth of its economic opportunities and launching of new techniques and technologies as well as manufacturing export-oriented competitive products.
Decree of the President of the Republic of Uzbekistan was dated on February 7, 2017 №. UP-4947 about the strategy of action for further development of the Republic of Uzbekistan, the strategy of action in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021 (further – the strategy of actions) which the third paragraph of the section is named as the development and liberalization of economy directed to further strengthening of macroeconomic stability and preserving high growth rates of economy, increase in its competitiveness, active attraction of foreign investments in industries of economy and regions of the country by improvement of the investment climate as well as focuses on the development of international economic cooperation, including links to lead international and foreign financial institutions and effective using of attracting foreign investments and loans has been identified. [1]
Investment programs are being developed in order to fully realize the investment potential of the Republic of Uzbekistan, further will improve the investment climate, create favorable conditions for foreign investors and increase the effectiveness of attracted foreign investments.
The tasks of modernization, structural reorganization, ensuring sustainable and high rates of economic growth in Uzbekistan are the result of steady growth of the volume of foreign investments into the economy and the use of the most effective ones.
In 2017 the volume of foreign investments and credits in fixed capital amounted to 17146.5 billion soums, or 134.9 percent against the level of the previous year (in the dollar equivalent - USD 3348.2 million), their share in the total investment was 25.1 percent. In 2017 the share of foreign investments and credits in fixed capital in GDP was 6.7 percent and increased compared to the previous year by 1.4 percentage points.
As a result of implementing measures to further create a favorable investment climate and increase investment attractiveness, the volume of utilizing direct foreign investments and credits in 2017 increased by 44.9 percent, amounting to 12768.6 billion soums, (in dollar terms - USD 2493.3 million) or 18.7 percent of the total investment. [2]
The President of the Republic of Uzbekistan Sh. Mirziyoev said, "It is necessary to critically analyze the situation with attracting foreign investments, first of all, direct foreign investments. The share of such investments fell to 30 percent, "he said critically.
Therefore, one of the pressing issues remains the issue of not only the development of foreign investments, but also the development of scientifically-practical conclusions and recommendations in the areas of increasing direct foreign investments and enhancing their effective access.
In the context of quantitative and qualitative changes in the investment activity of enterprises in the regions, we have to focus on the theoretical basis of investments, and we are talking about economists, as well as the international organizations. Economist William F. Sharp, Gordon D. Alexander point out the following about investment: as far as is widely spoken, "investment" is "divorce from today to earn more profits in the future." The authors consider the money as a subsidy - investment and the refinement of today's withdrawal of these amounts.
Among the scientific literature devoted to the study of the economic content and essence of investments, along with foreign scientists, scientists from the CIS countries, including Russian economists (P. Vakhrin and A. Igoshin, P. Vorobev) have made significant scientific researches. The main principles of investment attraction in Uzbekistan, Uzbek economists Who are M.Sharifkhodjaev, S.S. Gulyamov, A. Turdiyev, D. Azibekov and others have widely given information in their scientific works. [3,4]
According to the FDI forecast of international organizations, in particular, the 1999 World Investment Report of the United Nations Trade and Development Organization (FDI) states that direct foreign investment is a resident of a single
economy (a foreign investor or a parent) The company is a long-term investment, long-term investment and investment.
Foreign direct investment is a type of transponder investment that invests in a resident-owned enterprise in another economy that controls or influences its governance. At least 50 per cent of the voting rights of the enterprise are required to control the management, and 10 to 50 per cent of the voting rights needed to have a significant impact.
There are criteria that determine the investment attractiveness of the regions, which have a significant role in the entry of foreign investments into the economy of the country, which will serve as an important factor in attracting investment in the investment climate and attracting foreign investment.
Figure 1. The main criterion for determining the investment attractiveness of the regions [5]
While the volume of foreign capital in our country is not relatively high compared to the world, its quality is improving thanks to the increased availability of foreign direct investment in its structure. It is necessary to strengthen the influence of foreign investments directed to the fuel and energy sector, mainly on the long-term economic growth of the republic and to develop such sectors as textile, fruit and vegetable processing, pharmaceuticals, electronics, and to the positive impact of short-and-term regional economic growth. In order to gain the given results that the following organizational issues and challenges should be solved.
1. It is necessary to expand the preferences for enterprises that are directly attracting foreign investment and establishing export routes.
2. Creating an effective mechanism for the insurance of foreign investment.
The factors of a favourable investment climate
Market profitability
The level of taxation of market participants
The level of market establishment
Market transparency
The opportunity to get out of the market
The risk of capital loss
The convenience of investor participation
As soon as possible to get profit, profitability
3. It is necessary to take into account the rating indicators for attraction of foreign investments not only in regions, but also in macro and micro fuses.
4. Alternative and independent non-governmental information agencies should be set up to ensure transparency and accountability of reliable information on the financial and economic performance of the country's enterprises.
References
1. http://www.lex.uz-Ўзбекистон Республикаси Қонун ҳужжатлари маълумотлари миллий базаси
2. https://stat.uz/uploads/docs/investitsiya-yan-dek-2017 uz
3. Гулямов С.С., Убайдуллаева Р.А., Ахмедов Э., Мустақил Ўзбекистон. Тошкент ислом университети. Т.: 2003 й.
4. Турдиев А.С. Инвестицион муҳит ва уни таҳлил қилиш услуби. Иқтисод ва ҳисобот, № 17, 1996 й. 6-8 б.
5. Воронцов Р. «Стратегия структурных преобразований экономики».//Экономист. 1995. №1. С.3-13.