THE IMPACT OF DIGITAL TECHNOLOGIES ON CORPORATE GOVERNANCE

Аннотация

The article examines the impact of digital technologies on corporate governance, as well as the developed sectors of the digital economy in our country today and the work being done. Keywords: digital economy, digital technologies, investment, communication operators, innovations. The rise of the digital economy is one of the defining characteristics of the XXI century. Digital technologies are impacting society and the economy in many ways, including through new means of communication and collaboration; new products with a strong service component; the role of data as a driver of economic growth; the automation of tasks through artificial intelligence (AI); and the emergence of new business models such as platforms. Digitalization is therefore fundamentally changing the way we live and work together. This has implications for the well-being and cohesion of society as a whole; and for businesses in all sectors, with implications for productivity, employment, skills, income distribution, trade, and the environment [3]. The digital economy is much more developed in foreign countries. It is argued that the development of the digital economy will bring unprecedented changes in existing industries. Today, the development of the digital economy is essential for the development of all sectors. International experience shows that today digital technologies are developing rapidly mainly in the scientific community and the private sector. Therefore, the state should create a favorable ecosystem, supporting innovative projects in these areas [1]. In the context of globalization of the world economy and technological development, it is difficult to imagine the economic development of Uzbekistan without a digital economy. According to research, by 2022, a quarter of global GDP will be in the digital sphere. However, the fact that Uzbekistan ranks 103rd out of more than 170 countries in the international ICT development index indicates that there are still many unresolved issues and work to be done in this area in our country. The head of our state stated that "....although our country rose 8 places in the international ICT development index in 2019, it is still far behind. It is also true that most ministries, departments, and enterprises are completely far from digital technologies. Of course, we know very well that the formation of a digital economy requires the necessary infrastructure, a lot of money and labor resources. However, no matter how difficult it is, if we do not start this work today, when will we start?! Tomorrow will be too late. Therefore, an active transition to a digital economy will be one of our top priorities in the next 5 years [2]. There are problems in the telecommunications market of Uzbekistan that prevent the country from fully realizing its potential for the growth of the digital economy. The main factor limiting the market is competitive competition that increases investment and raises prices. As a result, the cost of IP transit remains the most expensive in the world, and the country's per capita capacity is very low. UzTelecom also provides long-distance services and has the largest network in the country. Although it has approximately 24,500 domestic fiber kilometers in 40 service as of June 2018, this is a low figure for the country. Although there are no legal restrictions on other operators entering the market, including foreign companies, there is clear evidence that UzTelecom receives preferential access and pricing for ISP connections. Complex, unconventional licensing processes for mobile network operators (MNOs) have forced some foreign companies to exit the market altogether in the past, and existing tax structures are hindering the growth of private MNOs [1]. To summarize, for every country to grow, develop and prosper, there must be new changes, ideas and new procedures that are changed from time to time in every field. In today's era, the Digital Economy and its development are one of the demands of the time. The prospects for the development of our country also depend on the development of the digital economy and the level of coverage of digital technologies. As the head of our state emphasized, the formation of the economy requires a lot of money and labor. But we must not be afraid of this and form a digital economy. We must start this work today, right now, with responsibility and determination. Each person is responsible for the development and progress of the country. Each of us must take this issue seriously. The proposal of our President Sh.M. Mirziyoyev to name 2020 the "Year of Science, Enlightenment and Digital Economy Development" in his Address to the Oliy Majlis on January 24, 2020, literally confirmed that a turning point has begun in the life of Uzbekistan in line with global development. Each law, proposal, and recommendation on the development of the digital economy must be implemented in a timely manner and widely promoted. Some elements of the digital eco