This article analyzes the role of institutional mechanisms and strategic directions in attracting foreign investments to Uzbekistan in the context of digital transformation. Based on the current investment climate, national policies, and international practices, tailored policy recommendations are developed for Uzbekistan. The cases of China, Estonia, and Singapore are examined to demonstrate how advanced digital infrastructure can enhance the attractiveness of a country for foreign investors

The article provides a brief description of the state of the economy of Uzbekistan and the relevance of its further development associated with the creation and use of innovative products. The highest concentration of startup initiatives is shown in such industries as IT, FinTech, E-commerce, EdTech, AgriTech, MedTech. Most startups and resources are concentrated in the city of Tashkent and large cities  like Samarkand, Bukhara and Fergana. The factors hindering the formation of a full-fledged startup ecosystem in the country and its regions are shown. Particular attention is paid to the problem of startup financing. Weak investment support at the initial stage of startup development, the low level of venture infrastructure and the legal framework for venture capital are emphasized. The evolution of the startup ecosystem in Uzbekistan is presented, starting with support for entrepreneurship and ending with the creation of a state system of venture funds. The development of the startup ecosystem in Uzbekistan is associated with the need to improve the legal framework, create a favorable business infrastructure, and introduce new mechanisms for financial and legal support. Proposals for the further development of innovation and the startup ecosystem in Uzbekistan have been systematized.

Uzbekistan, with its rich agricultural heritage, diverse climate zones, and burgeoning tourism sector, possesses significant untapped potential for agrotourism development. This article reviews the current state, problems, and future prospects of agrotourism in the country, considering it as a critical instrument for diversifying rural incomes and preserving regional cultural-agricultural traditions. The article draws on statistical analysis, comparative (international) analysis, SWOT and content analysis to analyze the current state of agritourism. The research concludes that realizing the full potential of agrotourism in Uzbekistan requires a coordinated national strategy must focus on targeted infrastructure investment, establishing clear legal frameworks, and developing specialized educational programs for farmers and service providers. The findings offer essential, data-driven recommendations for policymakers aiming to transform Uzbekistan’s agricultural landscapes into vibrant, economically sustainable tourism destinations.

This study assesses Uzbekistan’s innovation efficiency from 2020 to 2025 using Global Innovation Index (GII) data and compares it with global leaders (Switzerland, Sweden, USA), top overperformers (India, Vietnam, Morocco), and regional peers (Kazakhstan, Azerbaijan). Although Uzbekistan’s overall GII rank improved to 79th in 2025, its innovation outputs remain far below inputs, resulting in an average efficiency gap of 23 ranks. The three countries of India, Vietnam, and Morocco achieve better results than expected based on their input levels, but Kazakhstan and Azerbaijan produce outcomes that fall short of their potential. The main challenge for Uzbekistan is not investment levels but weak conversion of inputs into outputs, due to limited R&D commercialization, weak industry–research linkages, and low high-tech exports. The research suggests Uzbekistan should improve its national innovation system coordination through targeted foreign investment and venture financing for selected sectors to build an innovation-based economy

This article examines professional standards as a strategic instrument for transforming the workforce training system in the Republic of Uzbekistan amid ongoing labor market reforms. A comparative analysis is presented of approaches to the development and implementation of professional qualifications in the United Kingdom, New Zealand, Russia, and Albania. Based on an analysis of the regulatory framework and the application of standards in Uzbekistan’s tourism sector, key challenges and barriers are identified. The results of an empirical study reveal the levels of perception of professional standards among employers and educational institutions, as well as indicate directions for the institutional development of the national qualification system. Particular attention is given to the adaptation of international practices to the national context. Based on a conducted SWOT analysis, recommendations are formulated for improving mechanisms of implementation and updating of professional standards.

This article analyzes the current state of educational tourism infrastructure in Uzbekistan and highlights development opportunities and existing problems in this area. The article analyzes statistics of foreign students, international rankings of higher education institutions and infrastructure capabilities, and identifies development areas necessary to increase the attractiveness of Uzbekistan as a center for educational tourism. The article offers proposals for adapting to international education standards, improving quality and expanding infrastructure, including dormitories and digital educational platforms. The article also provides recommendations for increasing the competitiveness of Uzbekistan in the global educational tourism market through strategic investments, support for regional infrastructure and marketing activities.

In this study, a methodology for using geographic information systems (GIS) technologies in forecasting the demographic development of the population of Uzbekistan until 2050 will be developed. The main goal of the research is to improve the mechanism for comprehensive analysis and forecasting of population size, age-sex composition, territorial distribution, urbanization processes, as well as internal and external migration flows by region. The research results are important for optimizing state planning, regional development strategies, labor market forecasts, and social infrastructure. The use of GIS technologies serves to scientifically substantiate the decision-making process, increasing the accuracy of demographic forecasts and the possibilities of visual analysis

This article examines the drivers of non-performing loans (NPLs) in Uzbekistan’s commercial banks by combining macroeconomic determinants with bank-specific factors and assesses the effectiveness of early warning systems (EWS) in mitigating the procyclicality of asset-quality deterioration. The empirical narrative relies on official Central Bank of the Republic of Uzbekistan indicators for NPLs and loan portfolios, complemented by recent empirical studies on NPL determinants in transforming banking systems. Particular attention is paid to ownership-related heterogeneity (state-owned vs. other banks), comparability issues between regulatory NPL metrics and IFRS 9-based measures, and the role of loan restructuring practices. The paper derives policy-oriented recommendations aimed at improving disclosure of asset quality, integrating IFRS 9 indicators into supervisory monitoring, and standardizing EWS triggers for timely detection of borrower credit deterioration.

This article examines the position of the Republic of Uzbekistan in the Logistics Performance Index (LPI) rankings, analyzing the key indicators that shape the index and their impact on the national transport system. The study identifies the correlation between LPI scores and the current state of Uzbekistan’s transport and logistics infrastructure, highlighting existing challenges and development opportunities. The role of LPI in enhancing the country’s transit potential within the global trade system is also emphasized. The paper concludes with policy recommendations aimed at improving Uzbekistan’s performance in the LPI rankings.

This article examines how Strategic Public Procurement (SPP) can be used to stimulate the green economy, focusing on both global practices and the specific context of Uzbekistan. Internationally, SPP has proven effective in driving sustainable innovation and reducing environmental impacts. The study analyzes best practices from the EU, OECD, and UN frameworks, and contrasts them with Uzbekistan’s current procurement system. Despite progress in green policy, Uzbekistan’s use of SPP remains limited. This paper identifies key gaps and proposes actionable reforms to align procurement with green development goals, offering a pathway to sustainable economic growth. Effective implementation of SPP in Uzbekistan could catalyze environmental innovation, support green SMEs, and reinforce the country’s commitments under the Sustainable Development Goals (SDGs). The research emphasizes the need for legal reforms, capacity building, and financial incentives to enable this transition.

In this scientific article the theoretical and methodological aspects of types of ecological tourism of Uzbekistan are considered. The classification of organizational forms of ecotourism in Uzbekistan has been structured, and prospects for developing the potential of popular types of ecological tourism in Uzbekistan have been highlighted. Four forms of cluster of ecological tourism of Uzbekistan are summarized: scientific ecotourism, educational ecotourism, recreational ecotourism and adventure - extreme ecotourism.

This article examines the impact of tourism infrastructure on Uzbekistan's economy, focusing on its content, essence, and specific indicators. Using the method of comparative analysis, it evaluates Uzbekistan's tourism infrastructure in comparison with that of a developed country like South Korea. Furthermore, the article highlights that modernizing Uzbekistan's tourism infrastructure, introducing digital innovations, and improving the investment environment are pressing issues today.

The analysis of factors influencing the investment attractiveness of the regions of the Republic of Uzbekistan includes the study of economic, social, and infrastructure indicators. Among the key factors are the availability of developed infrastructure, access to resources, government support, and the level of urbanization. The development of special economic zones (SEZ) and the improvement of the business climate also play an important role in enhancing the regions' attractiveness for investors. The study helps identify the strengths and weaknesses of the regions, which contributes to the development of effective strategies for attracting investments and stimulating economic growth in Uzbekistan.

This article is aimed at analyzing the logistics and transport potential of Central Asian countries, with special attention to Uzbekistan's trade relations in the region. To assess the impact of logistics efficiency on bilateral trade flows, an extended gravity model including LPI indicators is estimated using panel data for 2010-2023. The empirical results show that improving Uzbekistan's logistics performance has a statistically significant and positive impact on regional trade flows, partially offsetting distance-related trade costs

This article develops a forward-looking outlook for Uzbekistan’s e-commerce market through 2035 and examines the main determinants of both growth speed and quality. It discusses key drivers such as the expansion of digital payments and e-government services, upgrades in logistics infrastructure, rising mobile internet penetration, the scaling of marketplace ecosystems, and the intensification of cross-border trade, alongside evolving regulation and consumer protection. The paper applies a scenario-based framework (baseline, accelerated, and inertial) to evaluate how macroeconomic conditions, competition dynamics in digital markets, and the adoption of data and AI technologies may reshape online retail. Special attention is paid to structural constraints, including consumer trust, cybersecurity risks, last-mile delivery performance, the digital divide, and capability gaps among SMEs. The findings aim to inform public policy design, business strategy, and academic research on Uzbekistan’s digital economy

This research examines the influence of environmental risk management (ERM) on the credit portfolio stability of commercial banks in Uzbekistan, utilising secondary data from sustainability reports, regulatory publications, and international financial institutions. The results show that banks with more advanced ERM frameworks, which include environmental screening, green lending, and sustainability governance, have lower non-performing loan (NPL) ratios and better asset quality. On the other hand, banks that don’t use ERM as much are still more vulnerable to environmental and credit risks. The study finds that integrating environmental risks into the banking system in Uzbekistan is necessary to make it more financially stable and in line with global standards for sustainable finance

This article is devoted to the analysis of the role of commercial banks of the Republic of Uzbekistan in the development of the national economy, in particular, in financing investment projects, increasing the level of employment, and implementing innovative technologies. It highlights the priority areas for the development of the banking system of such strategic documents as the "New Uzbekistan - 2030" program and the Development Strategy for 2022-2026. Also, an in-depth analysis of the main indicators of the banking system of Uzbekistan (assets, loans, capital, and deposits) was conducted. In particular, the differences between state-owned banks and other banks, their market share, and their impact on economic stability are shown based on statistical data. The analysis revealed that state-owned banks have a dominant position in the market, but other banks can compete almost equally in attracting deposits. Information on the lending activities of commercial banks and the volume of non-performing loans (NPL) was also presented, and the risks and effectiveness in this area were assessed

This article examines the digital transformation of Islamic financial instruments, the methodological framework for their implementation in Uzbekistan, and their alignment with international best practices. The study demonstrates that digital technologies including blockchain, smart contracts, tokenization, e-KYC, and API integration enhance transparency, operational efficiency, and Shariah compliance in Islamic financial operations. A comparative assessment of Malaysia, the UAE, and Saudi Arabia provides insights into the legal, technical, and methodological requirements needed to develop a national digital Islamic finance model. The findings highlight the importance of establishing digital Shariah audit mechanisms, defining the legal status of smart contracts, developing tokenization regulations, and creating a Shariah-compliant fintech ecosystem to ensure sustainable sectoral development

The article presents a scientifically based methodology for developing the concept of territorial development of the Republic of Uzbekistan. Theoretical approaches to spatial planning are investigated, including the growth poles concept, central places theory, and polycentric development models. The author proposes a scientifically based typology of Uzbekistan regions with identification of six types of territories: central capital region, growth poles of national importance, advanced development regions, structural modernization territories, priority state support regions, and environmental rehabilitation territories. For each type, specific development priorities, support instruments, and target indicators are defined. A system of target indicators for the territorial development concept has been developed, including economic, social, infrastructure, and environmental indicators. The mechanisms for implementing the concept through a system of state programs, investment projects, and institutional reforms are substantiated. The principles for developing the concept are defined: balance, polycentricity, territorial connectivity, sustainability, consideration of regional specifics, and inclusivity.

The article analyzes the potential of the “green sukuk” instrument for financing sustainable development in Uzbekistan. It examines the country’s economic and financial situation, the current state of Islamic finance and the sukuk market, as well as the theoretical foundations of green sukuk. The study also identifies the challenges associated with introducing this instrument and outlines its prospects. Scientific conclusions and practical recommendations are provided regarding the implementation of green sukuk, including the development of an appropriate regulatory and legal framework.

In recent years, as a result of the wide implementation of digital technologies in the public administration system of Uzbekistan, the e-government infrastructure has been gradually formed.  The purpose of the research is to identify the efficiency factors of digital transformation in public services and to assess its economic and organizational impact. The methodology employs systematic, comparative, and trend analysis approaches based on open data from 2017-2024 to analyze Uzbekistan’s digital development indicators. The results show that while the expansion of electronic services has increased transparency and convenience of governance, digital inequality across regions and the shortage of qualified personnel continue to limit overall efficiency. Based on the experiences of Korea, Denmark, and Finland, the study recommends innovative governance approaches suitable for Uzbekistan

in recent years, the idea of a “Green Economy” has become very important for many countries as a key approach to securing a sustainable future. The world can no longer overlook the serious environmental and climate problems it faces. This is why many nations are now adopting new ways to address these challenges, with the green economy seen as one of the most reliable solutions. It offers a path not only to protect natural ecosystems but also to ensure a better future for upcoming generations. This article discusses the main causes of rapid climate change to highlight why moving towards a green economy is so necessary. It also focuses on Uzbekistan’s steps in this direction, examining the country's goals, strategies, and initiatives for building a green and sustainable economy. As a developing nation, Uzbekistan is working on reducing greenhouse gas emissions, creating new job opportunities, and improving its environmental conditions through sustainable methods.

The article explores the theoretical and practical aspects of the institutional characteristics of financial accountability and transparency. It examines the reforms implemented in Uzbekistan aimed at modernizing the public financial management system, enhancing budget process openness, and gradually adopting international financial reporting standards. Based on international experience (Finland, Canada, South Korea, Australia, Sweden), the study highlights the key factors that ensure effective financial accountability and transparency: real-time data disclosure, institutionally independent auditing, and the use of digital technologies. Uzbekistan’s PEFA scores and Open Budget Index results are analyzed, identifying existing challenges and suggesting policy directions for improvement. The findings demonstrate that strengthening national legislation, adopting internationally standardized reporting formats, expanding public participation, and introducing modern digital technologies are crucial for consolidating the institutional foundation of financial accountability and transparency

This article examines the strategic importance and evolutionary development trajectory of the service sector in the national economy of Uzbekistan. It identifies the specific characteristics of service enterprises, including their flexibility, low capital requirements, and important role in job creation and social welfare. A comprehensive analysis of quantitative data shows the sector's increasing contribution to the Gross Domestic Product (GDP) of Uzbekistan and its key role in employment. The study identified three distinct stages of development. The analysis highlights the sector's continued potential as a key driver for sustainable economic growth and improving living standards in Uzbekistan.

The article examines the key issues related to the development of the payment system based on modern international experience and explores the possibilities of its application in Uzbekistan. It also identifies the problems through a comprehensive analysis of the current state, challenges, and prospects for the development of the payment system of the Republic of Uzbekistan in the context of the digital economy. Based on the research conducted, practical proposals and scientific recommendations have been developed to improve the development of the payment system in Uzbekistan.