Improving Mechanisms for Attracting Investment in Industrial Enterprises
Keywords:
Investment attraction, industrial enterprises, foreign direct investment, investment climate, attractiveness indexAbstract
Attracting investment into industrial enterprises is a key condition for structural transformation, technological renewal and export diversification in emerging economies. In Uzbekistan, large-scale reforms since 2017 - currency liberalisation, a new investment law, special economic zones and the privatisation of state assets - have significantly improved the investment environment, yet many industrial enterprises still face high financing costs, a limited capital market and low transparency, which constrain their ability to attract long-term capital. The aim of this study is to develop scientifically grounded proposals for improving the mechanisms for attracting investment in industrial enterprises. The study applies a systematic literature review, institutional and comparative analysis of investment policy instruments, a factor model of enterprise investment and a composite investment attractiveness index based on normalised financial and institutional indicators. The results show that the investment attraction mechanism should be viewed as a three-level system linking state guarantees and incentives, regional and industrial infrastructure, and enterprise-level governance, and that the weakest link is often the enterprise level: financial reporting quality, project preparation and corporate governance. A system of indicators for assessing investment attractiveness, a matrix of barriers and instruments, and a set of practical recommendations are proposed. The findings can be used by government agencies, industrial zone administrations and enterprise managers in designing investment strategies.
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Copyright (c) 2026 Nodira Ziyodullayeva (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0). Authors retain copyright and grant the journal the right of first publication.
