THE CRUCIAL ROLE OF THE IMPLEMENTATION OF ECONOMIC REFORMS AND TRANSFORMATIONS IN ENTICING FOREIGN DIRECT INVESTMENT (FDI).

Аннотация

The study investigates the techniques involving foreign investment experience in attracting and managing investments, and evaluates their potential application in our nation. The experiences of several countries have been evaluated. As a result, scientific recommendations and practical suggestions for implementing the investment attractiveness of developed countries in our country have been proposed. Key words: investment attraction, investment potential, investment attractiveness, forfeiting and selling methods, foreign experience. Our nation's government plays a pivotal role in the progressive rollout of economic reforms and is widely recognized as a significant aspect of our transition towards an economic system. This entails making numerous decisions concerning the oversight of investment ventures, which often necessitates "Establishing a strong relationship with Foreign investors who expressed their desire to work with Uzbekistan and support them from the beginning to the end of the project to give, in simple words, by leading them by the hand, which is necessary to ensure the result" - as stated by Shavkat Mirziyoyev (Prezident.uz, 2022). Engaging in substantial investment activity across diverse economic sectors fostering domestic and foreign investment, is crucial for promoting sustainable and responsible economic growth. However, this cannot be accomplished without substantial modifications to the primary capital and a comprehensive revamp of the investment-financial sector. Such reforms are usually overseen by the government. Foreign investments hold significant importance in enhancing a nation's overall economic condition. It's worth mentioning that our nation's economy has been effectively transitioning towards a market-oriented economy with a strong social focus, achieving substantial success. The legislations implemented in our country are comprehensive, encompassing various social scales, thereby fostering a broad scope for market relationships with a specific target. This results in establishing 71 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference clear socio-legal frameworks that significantly contribute to the economy's formation. Uzbekistan's influence and stature in the international economic sphere carry a significant weight and continue to expand steadily. As articulated by our nation's head of state, Shavkat Mirziyoyev, a robust socio-economic advancement strategy, encompassing objectives and initiatives for economic reforms, has been put forth. The unambiguous and accurate delineation of pathways has proven instrumental in achieving the principal objective and has resulted in noteworthy milestones (G'ozibekov and Nosirov, 2007). Moreover, to further improve the investment climate in the country and increase its attractiveness concrete goals have been defined by the government in “New Uzbekistan Development Strategy for 2022-2026” and “O‘zbekiston-2030” strategies such as:  absorbing 250 billion dollars of investments in our country, including 110 billion dollars of foreign investments and attracting investments of 30 billion dollars within the framework of public-private partnerships by 2030;  establishing a new system based on the "bottom-up" principle for effective use of investments and increase in export volumes;  attracting investments worth 14 billion US dollars in energy, transport, healthcare, education, ecology, communal services, water management and other sectors on the basis of public-private partnership;  increasing the volume of trades of freely traded securities to 8 billion dollars;  implementation of more than 500 technological and infrastructural projects of strategic importance with a total cost of 150 billion dollars;  maintaining the investment rating of regions, based on the capabilities of each region, further increasing its attractiveness for investors;  doubling the volume of portfolio investments by starting the activities of equity and venture funds;  Creation of infrastructure for participation of foreign nominal custodians and custodian banks in the local capital market.  Creating opportunities for continuous use of the necessary infrastructure (road, electricity, water and sewage system) in all economic zones.  Organization of special economic zones with 50 prestigious brands of the world (Lex.uz, 2023). It's noteworthy to point out, as we delve deeper into the considerations, that for Uzbekistan, the continuation of liberalizing its investment sector, enhancing its 72 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference appeal through ongoing reforms, and establishing free economic zones based on foreign examples for improving its legal framework's effectiveness, is essential for its development (Bozorov, 2018). The proper implementation of these improvements ensures future growth. List of used literature: 1. Author's development based on the information of the State Statistics Committee o