Vol. 2 No. 2 (2025): Advanced Economics and Pedagogical Technologies

This article analyzes models for forming an optimal investment portfolio, specifically Markowitz's optimal portfolio theory and the CAPM (Capital Asset Pricing Model). In the analysis section, a portfolio was constructed and examined based on data from 15 joint-stock companies operating in Uzbekistan, using stock price data from the last five years. Additionally, insights from various economists such as William Sharpe, Kan, and Zhou are presented. The beta coefficient between the UCI market index and the expected return of the portfolio was calculated, and the expected return of the portfolio, as well as the efficient frontier, was determined using CAPM. The article concludes with general findings and recommendations.

The article analyzes the specific features of calculating the value added tax base, some complexities and problems in its determination, and focuses on the issues of improving the formation of the tax base. In addition, based on the results of applying the changes and additions made to the determination and calculation of the value added tax base, relevant conclusions are drawn and recommendations are developed.

This article discusses strategies for the development of financial services in commercial banks in order to increase their competitiveness, efficiency and value proposition. In an era characterized by global technological development and changing customer preferences, commercial banks face the need to innovate and adapt to changing market demands. The article notes that today, when digital technologies are rapidly developing, the banking sector is reorganizing its activities in accordance with modern requirements. The digital financial services offered by commercial banks serve not only to meet the needs of customers, but also to improve the quality of banking services, reduce operating costs and increase competitiveness.
The process of developing digital financial services by commercial banks has been gradual for many years, depending on technological progress, changes in customer requirements and the development of global financial markets. The implementation of these strategies will help commercial banks take a leading position in the financial services sector, stimulate business growth and achieve broader goals of economic prosperity and social well-being.

This article examines the effectiveness of specific innovation mechanisms in terms of key indicators of tourism enterprise performance, and examines the latest innovation mechanisms being implemented in the world to develop this industry, such as artificial intelligence-based booking systems, virtual reality tours, and sustainable tourism initiatives, and their effectiveness.

This article examines the issues of improving the methodology of financing innovative projects through venture funds. Based on the experience of the United States and Western European countries, the main mechanisms of venture financing, methods of attracting investors, and government support measures are studied. Additionally, proposals are developed for institutional changes, improvement of the legal framework, and expansion of public-private partnerships to enhance venture financing in Uzbekistan. The research results aim to support innovative entrepreneurship in the country and improve the process of attracting venture investments.

The article is devoted to the increasing importance of direct taxes, such as personal income tax in Uzbekistan, and the opinions of scientists are presented within the framework of the study. It also discusses the need to apply a progressive tax rate on personal income tax in Uzbekistan and proposes its model

This article develops a conceptual centralized model of the mechanism for ensuring the competitiveness of tourist complexes, and as a result of the systemic changes carried out, competition for financing from the state budget is growing even among business entities in the budget sector, since the volume of financing depends on the implementation of regulatory criteria by organizations, the achievement of which requires the need.

This article describes the basics of developing creative competencies of students in the process of independent learning. The content of the concept of "competence", competence and their components, the level of formation and development of creative competencies of the student, attention in the development of professional competencies of future specialists, the basics of pedagogical competence and pedagogical creativity, ways of targeted implementation of creative teaching methods, the need for conduct the educational process based on a competence-based approach were also discussed.

In this article, the author discusses the ongoing work to develop the communicative competence of future specialists, given the results about the study of the role of communicative competence in the professional activities of future specialists and the problems that arise in this process.

This article focuses on expanding international cooperation in tourism and integrating language skills and technology into education. Suggestions and recommendations were made on the possibility of training high-quality personnel in tourism and hospitality through cooperation in education, personnel exchange, and joint research with countries with developed tourism industries, such as France, Great Britain, Germany, Switzerland, Italy, and Australia.

The knowledge economy is reshaping how we think about work, education, and personal development. Unlike traditional economies driven by physical labor and raw materials, the knowledge economy thrives on intellectual capital, innovation, and the ability to apply new information effectively. For students, this presents both incredible opportunities and serious challenges. While there is an unprecedented demand for adaptable, critical thinkers with digital and analytical skills, many educational institutions still operate with outdated models that do not fully equip students for this shift. This paper explores the knowledge economy’s impact on students, addressing key questions: What skills are most valuable? How should education evolve to meet new demands? What obstacles do students face in preparing for this rapidly changing landscape? By examining real-world examples, academic research, and insights from industry leaders, this study highlights actionable steps that students, educators, and policymakers can take to bridge the gap between traditional education and the dynamic needs of the knowledge-driven world.

This study analyzes Uzbekistan's sustainable development indicators within the framework of the green economy. The research highlights the increasing relevance of renewable energy and digital transformation for achieving balanced socio-economic growth. The study employs index analysis based on the Sustainable Development Goals (SDGs), evaluating national data from 2014 to 2023. Findings reveal significant progress in responsible consumption and climate action, while challenges remain in poverty reduction and industrial innovation. To enhance sustainability, Uzbekistan must expand renewable energy use, improve waste management, and foster digital reforms.

The article discusses the theoretical views of scientists on labor resources, the distribution of the permanent population of the Republic of Uzbekistan by region, growth trends, the breakdown of labor resources by economically active and inactive population, their growth trends in regions, and their distribution by economic sectors.

This study examines the key directions of financial support mechanisms available to exporting enterprises engaged in foreign economic activities in the Republic of Uzbekistan. These mechanisms encompass the implementation of international standards and certification processes, the registration of national products and brands (trademarks) with foreign regulatory bodies, the establishment and maintenance of trade houses, financial assistance for leasing office, retail, and warehouse spaces abroad, participation in international exhibitions and trade fairs, and the promotion of local products and brands through digital marketing. Based on a comprehensive analysis of these support measures, the study formulates evidence-based proposals and recommendations to enhance the effectiveness of state interventions in facilitating export activities.

The digitalization process significantly impacts every stage of the education system, increasing the importance of artificial intelligence (AI) technologies in enhancing independent learning. This article examines the key directions for optimizing independent learning through AI. A comparative analysis of the effectiveness of AI technology integration into the educational process is also conducted based on the experience of developed countries. The research findings contribute to identifying promising directions for using AI technologies and implementing innovative approaches to the development of independent learning.

The article considers the issues of improving legal and organizational mechanisms for attracting foreign investment at the regional level. Studies on the impact of investments on regional economic development are analyzed. The experience of foreign countries is also studied, and conclusions and recommendations are given at the end.

The article analyzes modern trends in the development of pilgrimage tourism. It examines the essence of pilgrimage and religious tourism, as well as perspectives on them. Changes in the content of religious tourism and the characteristics of these changes are described. Issues of terminology related to the harmony of the concepts of pilgrimage and tourism, changes in tourist motivation for pilgrimage, the study of specific pilgrimage tourism objects, and the use of digital technologies in this field are also considered.

The article is devoted to the neoclassical theory of the investment process. The article discusses why neoclassical theorists were less critical of the importance of trade in making a profit. They believed that it could be mutually beneficial, but not equivalent in the traditional sense of the word, suggesting that the parties involved in the transaction could benefit by giving each other a higher subjective value for the goods received.

The article examines the circulation of venture capital in the process of reproduction, it reflects the movement of economic entities of capital, the change in the forms of capital in the process of circulation and its characteristics.

This article examines the theoretical foundations of the development of pilgrimage tourism in our country, which highlights its socio-economic content and essence based on the views of foreign and domestic scientists.

The article is devoted to the study of financial risks, their classification and management methods. Key types of risks, such as credit, currency and interest rate, as well as their impact on financial activities are considered. Risk management methods are described, including diversification, hedging, insurance and reserve creation. Attention is paid to modern technologies, such as blockchain and artificial intelligence, which help reduce risks and increase business resilience in the face of uncertainty and changes in the external environment.

The article examines international experience of applying financial technologies (fintech) in lending by commercial banks. Particular attention is paid to the impact of innovative technologies such as artificial intelligence, big data, blockchain and machine learning on the lending process. It discusses how fintech helps to speed up the loan approval process, reduce operational risks and improve customer experience.

This paper aims to study the relationship between ICT development, export diversification, and income inequality. The study is based on the analysis of data for 83 countries from 2002 to 2019 using the panel quantile regression method. The results of the analysis indicate that ICT has a negative impact on the level of income inequality, and this effect is more pronounced in countries with a high Gini coefficient. Export diversification also contributes to a more equal income distribution, and this effect is more pronounced in countries with low and medium levels of inequality. Moreover, the interaction of the ICT index with the export concentration index has a negative effect on income inequality, and the effect is stronger at the upper quantiles of the distribution. Accordingly, countries with high income inequality should pay special attention to the digitalization of the economy and strengthening export diversification.

The article is devoted to the analysis of the investment potential of insurance companies, which is a set of factors influencing the ability of an insurance organization to effectively invest its funds. The work considers the main aspects, including sources of capital, investment portfolio structures, risks, and the role of government regulation. The assessment of the investment potential of insurance companies is based on the analysis of their financial indicators, market situation and external economic factors.

The study of foreign strategic approaches to optimizing the agrocluster system is important in ensuring sustainable development through the integration of agriculture and industry. This article analyzes the best practices of various countries in the formation and development of the agrocluster model. In particular, the strategic approaches of countries such as the United States, the European Union, China and South Korea, such as state policy, methods of attracting investment, the introduction of innovative technologies and the integration of agroclusters with the global market, are studied. The results of the study are aimed at analyzing the possibilities of using international experience in the development of the agrocluster system and proposing a model adapted to local conditions.

The article analyzes the current state of social protection of the low-income population in the Republic of Uzbekistan, the use of mortgage loans to lift them out of poverty, the provision of mortgage loans by commercial banks in housing construction in the country, and some recommendations for its further improvement are given.

The article examines the development of renewable energy sources, improving the management of enterprises in the oil and gas complex of our country, and therefore increasing the economic efficiency of enterprises in the industry.

This article examines the factors and results of strategic management in the construction materials industry. The author has studied and analyzed the management processes of enterprises in this sector. The article discusses actions related to the development and formation of strategy in the management of construction materials industry enterprises, as well as an analysis of the performance indicators of such enterprises.

This research explores the relationship between digitalization and its economic impact on household finances in Uzbekistan. The study's objective is to determine how technological advancements, particularly in ICT (Information and Communication Technology), influence financial behavior and market dynamics within Uzbekistan households. The research employs a quantitative approach, using a Tobit regression model to analyze data collected from various national databases, including Uzstat and the Global Innovation Index. The study focuses on variables such as the ICT index, government readiness for ICT integration, and the rate of automation, represented by the number of robots per 10,000 workers. Data was collected over a span of ten years, from 2011 to 2021, and analyzed to identify significant correlations between these variables and household savings rates. The findings suggest a positive correlation between the ICT index and labor market indices, indicating that as digitalization advances, the labor market and household incomes experience growth.

This article aims to not only provide the historical significance of export structure in Uzbekistan but also to theoretically and analytically examine the potential connections between export conditions, relative prices, and economic growth in great detail. It begins by thoroughly examining the diverse paths taken by Central Asian countries, including a specific focus on Uzbekistan, in order to comprehensively understand the historical and socio - economic context. It then meticulously rationalizes and explores the development of the intricate linkages of interest, taking into account various economic factors, variables, and their interrelationships.

Forecasting socio-economic development indicators plays a crucial role in modern economics and social spheres. This process is utilized by governments, businesses, and international organizations to develop long-term strategies, allocate resources efficiently, and reduce social inequality. The present research examines theoretical and methodological aspects of forecasting socio-economic development indicators.

The article discusses the problems related to the main areas of effective management of the loan portfolio of commercial banks, as well as improving the management of the loan portfolio of commercial banks, and has developed proposals to address them. In order to solve the above-mentioned problems, in our opinion, it is advisable to implement the following measures: planning, rational management, as well as the use of loan portfolios and loan investments helps to increase competitiveness and reduce the credit risk of commercial banks.

This paper examines the role, significance, and methodologies of due diligence in joint-stock companies, highlighting legal, financial, and operational aspects. It explores how due diligence mitigates risks, enhances corporate governance, and ensures compliance with regulatory frameworks. The study also discusses challenges in conducting effective due diligence and proposes best practices for improving its efficiency. Through case studies and analysis, the paper underscores the importance of thorough due diligence in safeguarding shareholder interests and ensuring corporate sustainability.

This article analyzes foreign experience in implementing tax administration for large taxpayers, and as a result of this analysis, issues of improving the tax legislation of the Republic of Uzbekistan, proposals and recommendations for further improving tax administration for large taxpayers were developed.

This article examines the state of implementation of international standards and theoretical foundations of the quality management system at the enterprises of the “O‘zto‘qimachiliksanoat”  association. The dynamics of the volume of textile exports and FHI% are also highlighted.

The article examines the impact of digitalization on business planning in commercial banks. It analyzes artificial intelligence, Big Data, and cloud computing technologies that improve forecasting accuracy. Key digital solutions and their further development prospects in the banking sector are identified.

Целью данного исследования является рассмотрение и анализ направлений совершенствования методологии инвестиционной деятельности в условиях цифровизации промышленных предприятий. В статье рассматриваются методические основы совершенствования инвестиционной деятельности компании за счет повышения доходности собственного (акционерного) капитала посредством модели Дюпона с использованием искусственного интеллекта на примере АО «Узбекнефтегаз».

This article examines the strategic role of foreign investment in promoting sustainable and inclusive economic development in Uzbekistan. Particular emphasis is placed on the impact of foreign direct investment on production, technological modernization, export capacity, and the labor market. The study also presents institutional recommendations for improving the effectiveness of foreign capital utilization, drawing on international experience and national reform strategies.

This article examines the procedure for using the funds of the fund for solving the socio-economic problems of the mahalla, the specific features of the sources of funds of this fund, and the system of important economic and financial indicators used to assess the effective formation of the fund. Based on the developed methodological approaches, the estimated income of the fund for solving the socio-economic problems of the “Bekat” mahalla of the Boyovut district of the Syrdarya region for 2025 is analyzed.

This article analyzes the current state of investment activity in Uzbekistan's capital market, focusing on existing institutional and financial challenges and potential solutions. Based on international experience, the study examines the investment climate, trading volume dynamics, and the diversification of financial instruments. The findings suggest that enhancing investment activity in the capital market requires the introduction of innovative instruments, the development of digital infrastructure, and the strengthening of investor confidence as key strategic directions.

The article considers and analyzes the methods of state financial stimulation of innovative activities of industrial enterprises. Various methods of stimulation on this issue are studied and the possibilities of their use in industrial enterprises are identified and evaluated. Proposals are developed on the use of various methods of state financial stimulation of innovative activities.

This article analyzes the theoretical foundations, developmental stages, and practical mechanisms for ensuring financial stability in corporate investment activities. Based on international experience and the case of Uzbek enterprises, key factors affecting financial resilience are identified, and strategic recommendations are developed regarding capital structure optimization, liquidity management, risk mitigation, and diversification of funding sources.

This article examines how universities are transforming into key drivers of technological innovation and economic development as their role in society expands. This shift leads to a new trajectory in university evolution. The transition to an entrepreneurial university requires establishing a strategic direction, maintaining a commitment to the knowledge generated within the institution, and ensuring its application, primarily on a regional level. Entrepreneurial universities enhance traditional research universities by fostering stronger connections with society. They integrate education, research, and industry, leveraging real-world challenges to help graduates address unemployment. Uzbekistan's Higher Education Development Concept until 2030 sets the goal of ranking among the top 50 countries in the Global Innovation Index by 2030. In this context, the significance of entrepreneurial universities is emphasized as a key factor.

This article analyzes the current state of corporate financing mechanisms in Uzbekistan, identifies key challenges in the existing system, and proposes possible solutions. Based on international experience, effective financing strategies adapted to the national context are developed. The study suggests building a sustainable financing system through capital diversification, enhancing investor confidence, and improving corporate governance practices.

The scientific article describes the ways of studying and effectively using the introduction of automated information technologies in the national economy in the context of the digital economy, the factors influencing this, the main tasks of the introduction and development of digital technologies, a number of shortcomings in the design of automated information systems based on digital technologies and the organization of these systems, as well as the principles of the entire world community in this area for the successful implementation of the digitalization program.

This article analyzes the current state of the credit system for small and medium-sized enterprises (SMEs) in Uzbekistan. Based on international experience and empirical research, the main constraints in SME financing are identified. The paper proposes strategic measures aimed at developing credit information infrastructure, introducing collateral-free lending mechanisms, promoting digital financing tools, and strengthening public guarantee schemes.

This article examines the role of strategic financing in enhancing the investment attractiveness of the tourism sector. Based on the diversification of funding sources, the development of public-private partnership mechanisms, international experience, and the current state of national infrastructure, the paper proposes recommendations for ensuring sustainable financing of tourism projects.

E-commerce has changed the course of national economic growth and greatly raised people’s living conditions. These developments have especially raised social efficiency. Macroeconomic and microeconomic settings have been greatly impacted by e-commerce as access to large information systems, the volume of data grows, and data processing advances help to shape both of these environments. This guarantees timely access to information, eliminates uncertainty in economic operations, lowers the cost of data collecting, increases the efficiency of economic processes, and finally helps the market resource allocation mechanism to be better. Though it will not totally reverse this trend, the results of the study show that digitalization would progressively change Uzbekistanʼs economy by boosting efficiency and reducing the declining trend of possible development as the economy achieves maturity. Maximizing the advantages of digitization while limiting problems including labor market disruptions, privacy violations, the emergence of monopolies, and financial dangers depends on the government acting in a vital role.

This article analyzes the impact of foreign investment on Uzbekistan’s economy. It explores the growth of investment activity, the share of investments in the formation of fixed capital, as well as their regional and sectoral distribution. Based on the research findings, institutional and strategic recommendations are developed to improve the effectiveness of foreign capital in the national economy.

This study explores the position of gastronomic tourism as a strategic tourism development factor in Uzbekistan. It discusses the application of tourism industry resource potential, such as public catering services, and its impact on economic growth. The research indicates how an increase in cultural awareness and purchasing power of the population, coupled with a growing number of foreign tourists, has created favorable conditions for the development of gastronomic tourism. Utilizing qualitative and quantitative research like sociological surveys and economic analysis, the study concludes that food culture traditions, human capital, and new technology are key drivers of competitiveness in the tourism business. Restaurant businesses are increasingly inclined to be both service enterprises and cultural ambassadors, thereby enhancing the destination's reputation. The study concludes that with focused investment and innovative development, Uzbekistan can become one of the globe's leading gastronomic tourism centers along the Silk Road.

International Financial Reporting Standards (IFRS) have become an integral part of the global economy today. Their main purpose is to ensure a unified approach to the preparation of financial statements, facilitate their comparability on an international level, and increase transparency for investors. International financial reporting standards have been adopted by many countries, which is of great importance for coordinating business processes, evaluating the effectiveness of company operations, and standardizing financial information. At the same time, adapting the accounting system to international standards is crucial not only for meeting legal requirements but also for enhancing competitiveness in business processes. This article discusses the integration of international financial reporting standards into the accounting system, their essence and benefits, as well as the implementation process and the experience of international countries.

The purpose of this study is to study the relationship between factors affecting the expansion of Islamic investment projects in the regions. The time series data from 2004 to 2024 on the number of Islamic investment projects in the regions and the independent factors that may affect were analyzed. The VAR model was used in our study. According to the results of our study, it was found that the selected independent factors are positively related to Islamic investment projects in the short term.

The article discusses the implementation of the sustainability rating of business entities in Uzbekistan and some important reforms implemented in the tax system, the experience of foreign countries, indicators and methods for assessing the determination of the sustainability rating, as well as the effective use of its criteria. Causal factors were investigated and analyzed, scientific and practical conclusions and proposals were formulated.

Uzbekistan has immense potential for tourism development with its rich cultural heritage and strategic location on the Silk Road. However, financial constraints have hindered the sector’s full growth. This paper examines the impact of innovative financial instruments, including public-private partnerships (PPPs), green bonds, tourism investment funds, and crowdfunding platforms, on the development of Uzbekistan’s tourism industry. The study highlights the role of these instruments in fostering infrastructure development, increasing private sector participation, and enhancing sustainability.

This article provides information and recommendations on the formation of students' problem-solving skills based on cognitive educational technologies. It also discusses the difficulties and obstacles that students face in solving problems.

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.

This article is dedicated to the issues of rapid urban population growth, concentration of population in large and major cities, demographic processes in the expansion of city boundaries, and their development. The formation of existing urban settlements is substantiated as a result of policies aimed at the country's socio-economic development, the scale of natural population growth and migration, particularly the formation of population due to external and internal migration. It is also scientifically justified that demographic development trends in Uzbekistan, as in all countries worldwide, along with other socio-economic processes, have a direct impact on urbanization.

This article analyzes the ways and methods of creating branding in the tourism sector and examines the methods used to achieve competitive advantages when choosing branding strategies and directions for their formation.

The article describes the current state of capital investments in enterprises, practical problems of their accounting, issues of improving capital investment accounting based on international experiences in the context of the formation of a digital economy.

The peculiarity of taxation of real estate based on cadastral value in Uzbekistan requires further study. The article analyzes the experiences of real estate tax collection in developed countries and its importance in the tax system. The need for a deep study of the conceptual foundations of real estate tax in developed countries and the need to develop practical recommendations for their effective application in the tax system of our country was justified, as well as the general rules for real estate taxation based on modern tax systems and problems related to real estate taxation in our country were studied.

In Uzbekistan, enhancing the role of independent (objective) rating agencies in the development of the valuation services market is a key factor for economic transparency, attracting investment, and improving the global competitiveness of businesses. This article examines the legislative efforts in the field of valuation in the Republic of Uzbekistan, the critical issues in ensuring the independence of rating agencies, the need to align with international standards (such as RICS, REV), and the effectiveness of the valuation systems in the practice of the State Asset Management Agency. The introduction of new valuation criteria (based on KPIs) and the importance of the rating system in regional socio-economic development are also discussed. Based on the research results, it is proposed to enhance the efficiency of independent valuations through staff training, the development of electronic information platforms (EIRAP), and the utilization of international best practices.

The purpose of this article is to critically analyze the "national" renovation programs that the country and society are implementing to improve their infrastructure and urbanization processes. The article examines the meaning of renovation at the national level, its social, economic and environmental impacts. In a critical systemic analysis, it is important to select the most effective and sustainable methods of this process for different regions and the republic, analyze their mutual experience, and pay attention to the uncertainties and problems of "national" renovation. At the same time, the article presents studies assessing the role of state bodies, the private sector, and the local population involved in the renovation process, as well as the importance of their mutual cooperation. Through a critical systemic approach, the study attempts to provide important proposals and recommendations to ensure the accurate and effective implementation of such programs.

This article examines international best practices for enhancing the effectiveness of managerial personnel in organizational management, along with the evaluation mechanisms employed in this context. It further investigates approaches to improving these mechanisms. In today’s environment, achieving high performance through greater organizational efficiency is a critical priority for both the private and public sectors.

This article describes Islamic finance current statue in Central Asian countries as well as analyses of its advantages and prospects. At the same time article provides information on analyses of Islamic Finance introduction in the Republic of Uzbekistan.

In this article observe the correlation between the «green» economy development and universities’ transfer to the «green» model of organizing the inner system. It’s supplied with the rate of «green universities» in Russia and around the world according to UIGreenMetric’s data. The article provides with the comparative characteristic of the factors which influence the increase (growth) of university’s prestige after getting the status of being a «green».

This article highlights and studies the role and importance of tourist and recreational zones in the field of tourism and service provision. In order to study the selected topic in more depth, we will consider the services sector in the gross domestic product of our country. The conclusions and proposals of the article present the prospects and proposals for tourist and recreational zones.

This article explores the applicability of the Risk-Based Capital (RBC) framework to the insurance market of the Republic of Uzbekistan. Drawing upon international best practices, especially the APRA model from Australia, the study empirically assesses the capital structure comprised of premium, claims liability, and asset risks. The analysis revealed the dominant role of insurance-related risks in capital requirements and emphasized the need to transition from rigid normative regulation to a more risk-sensitive and adaptive supervisory approach. The paper provides policy recommendations for a phased implementation of RBC, including the development of a localized model, creation of a national actuarial database, and modernization of regulatory frameworks.

This article discusses unpaid domestic work, methods of their assessment, international recommendations and approaches, the composition of unpaid services of the population, monitoring of unpaid services of the population, the results of calculations made as a result of observation and analysis made on the basis of their comparison with foreign countries.

This article examines ways to enhance the participation of commercial banks in poverty reduction. It analyzes the role of banks in alleviating poverty through credit policies, financial inclusion, microloans, and financing social projects. Furthermore, the article suggests measures to strengthen the social responsibility of commercial banks and improve the accessibility of financial services based on international experience.

The article discusses the importance of implementing transformation processes in Uzbekistan’s commercial banks under globalization and competitive conditions, as well as their future prospects. The study highlights the necessary changes for the successful operation of commercial banks in modern economic conditions, their ways of increasing competitiveness, and integrating into the global financial system. The article explores the challenges faced by Uzbekistan's banking system in the transformation process and examines the social, economic, and technological factors influencing this process. Recommendations are proposed for introducing new technologies, developing digital banking services, and ensuring the financial stability of banks. Furthermore, the future prospects of Uzbekistan's commercial banks in the context of global competition are analyzed, with measures proposed for strengthening the financial stability of the country's banking system.

This article examines the impact of the systematic application of good corporate governance tools on the capitalization of joint-stock companies. Based on empirical data from leading public companies in Uzbekistan, an integrated model is proposed that includes board independence, audit committees, dividend policy, gender diversity, and stakeholder engagement. The results of the regression analysis show that the combined use of these corporate governance mechanisms significantly increases the value of Tobin’s Q, confirming the theoretical propositions of agency theory, resource-based approach, and stakeholder theory.

The article examines the application of financial technologies in commercial banks, the classification and principles of financial technologies according to their fields of activity. An analysis of the main financial technologies used by commercial banks is presented, their content, as well as their application in banking practice, is described.

This article analyzes the economic nature of trade services and their classification. Trade services are a crucial component of the market economy, facilitating the efficient organization of the process of delivering goods and services to consumers. The article examines the key characteristics of trade services, their economic significance, and their classification based on various criteria. Additionally, the impact of modern trade services and digital technologies on their development is analyzed.

This article examines international approaches to the development of retail insurance and explores the potential for their adaptation in the Republic of Uzbekistan. Drawing on the Swiss Re Institute – Global Insurance Outlook 2024 and other key sources, it outlines global trends such as digitalization, embedded insurance, microinsurance, and insurtech. A comparative analysis of Uzbekistan, India, Kenya, and Kazakhstan highlights structural barriers and identifies strategic directions for transforming the Uzbek insurance market, with a focus on inclusivity, innovation, and sustainability.

This article focuses on the assessment of factors affecting the stability and efficiency of insurance organizations. It examines both external and internal factors, including economic, financial, regulatory, and managerial aspects, that influence the financial stability and operational performance of insurance companies. Evaluating these factors helps identify key elements that contribute to or hinder organizational stability in the face of changing market conditions and economic realities.

The article below presents the investigation of the evolution of risk theory from the 17thcentury to the present day. Recently attention to the researches of entrepreneurial risks has increased that is caused by a set of circumstances and reasons amplified. The globalization of the world economy, the political instability in the world and the imposition of economic sanctions against Russia for some companies are going to be the drivers of further development, while for others can lead to crisis and even catastrophic level of risk. Nowadays theory and practice of risk management not only have not lost their relevance, on the contrary their development is becoming increasingly important. Fundamental principles of entrepreneurial risk analysis and management were laid by great philosophers, mathematicians, economists already in 17th– 20th centuries. The definition of profit was given and also its understanding was revealed by the scientists in their works through investigation of the profit nature and the role of uncertainty in its generation. They identified the most important distinguishing features that characterized risk situations arising in the economic decision-making process under conditions of uncertainty inherent in a market economy. The greatest contribution to the development of the risk theory was a combination of economic theory, mathematics and statistics, which crystallized as an econometrics. Application of statistics and econometrics allows to quantify the expected profit, its volatility and the level of risk; on the other hand, the use of modern hardware and software makes it possible to predict the future.

This article presents the results of a study dedicated to increasing the regional coverage in the formation of tourist routes as part of the development of the tourism sector in Uzbekistan. The author offers scientifically grounded proposals to expand territorial coverage by thoroughly studying regional tourism potential, developing non-traditional and alternative tourism directions, improving infrastructure, and effectively utilizing digital technologies.

The article presents models and a systematic approach to assessing the potential for innovative development of the sphere of trade services to the population of the Kashkadarya region.

The article is devoted to the analysis of the venture insurance market, which is becoming an important component for protecting venture investors and startups from various risks. With the development of venture capital and the increase in the number of startups, the need for insurance products aimed at minimizing financial losses caused by uncertainty and possible failures in business increases. The article also focuses on the importance of risk management strategies for venture investors and the need for insurance mechanisms to ensure the long-term sustainability of startups.

The article analyzes marketplaces – a modern form of electronic commerce, their role in the acquisition of goods, their positive and negative sides, their differences from online stores, as well as their unique features.

This article analyzes various methods and ways to enhance the efficiency of foodservice enterprises. Specifically, it focuses on family-run businesses, examining how to improve productivity, reduce costs, and maximize profitability. The article provides practical recommendations for increasing competitiveness in the foodservice sector, implementing innovative technologies, improving employee qualifications, and effective management. Additionally, it highlights the importance of specialized marketing strategies tailored for family-owned businesses.

The article analyzes the role and significance of innovative development in the activities of trade enterprises. New technologies and innovations create opportunities to enhance competitiveness, improve customer service quality, and increase economic efficiency in the trade sector. Additionally, with the help of innovations, trade companies can optimize their operations, capture new markets, and develop crucial strategies for sustainable development. This article explores how innovative approaches and technologies play a vital role in the growth and modernization processes in the trade industry.

This article examines the factors influencing the development of women's entrepreneurship in Uzbekistan's economy, focusing on their role in the service sector. The paper analyzes the economic and social conditions necessary to promote women's entrepreneurial activities, including education, financial support, and the role of state policies. It explores the position of women entrepreneurs in the service sector and their impact on the economy, highlighting existing challenges and potential solutions to address them.

This article analyzes the “Business Entity Stability Rating” system implemented in Uzbekistan as part of efforts to enhance digital fiscal governance. The evaluation process is based on automated algorithms that assess legal entities through indicators such as tax discipline, financial transparency, documentation accuracy, and social responsibility. The study examines the correlation between rating indicators and actual economic performance, highlights sectoral and regional disparities, and explores methodological differences with the “CRM-NEW” monitoring system. Using the Kruskal–Wallis H test, a statistically significant relationship is identified between rating categories and tax risk levels, supporting the reliability of the assessment framework. The paper concludes with conceptual and practical recommendations for improving the rating mechanism.

This article analyzes the theoretical and methodological foundations of introducing the concept of green logistics in the process of developing small and medium-sized businesses in Uzbekistan. The “three-tier” transformation model developed by the author proposes a phased implementation of green logistics practices, covering the stages of infrastructure modernization, operational digitalization and value transfer.

This article is devoted to the essence and necessity of developing the system of trade services, improving the organizational and economic mechanisms for the development of trade services, developing theoretical and methodological aspects of ensuring the strategic competitiveness of trade enterprises and forming competitive strategies, proposing ways to improve the service sector in trade, and taking into account the specifics of the service sector.

This article analyzes the organizational and economic mechanisms for the development of women's entrepreneurship in the service sector. The author reviews the existing legal frameworks and state programs supporting women's entrepreneurial activity and assess their effectiveness. Additionally, the paper offers proposals and recommendations aimed at increasing women's participation in the service industry. The study highlights the need for innovative approaches tailored to local conditions and modern market demands.

This article critically and analytically examines the institutional foundations of real estate management. The state of development in the industry is analyzed based on conducted research, statistical data, opinions of international and local economists, as well as current trends in practice. Aspects such as ambiguity in the distribution of powers, lack of transparency, weak coordination between institutions, and lack of trust regarding existing problems in the management system are analyzed. Using the example of the E-auction platform, the importance of effective institutional reform is demonstrated, and institutional solutions and recommendations necessary for the sustainable development of the real estate market are developed.

The article draws attention to the fact that the effective functioning of agriculture in the new conditions should be carried out by moving from the use of predominantly extensive methods of developing the agrarian economy to activating the intensification process as the main means and direction for increasing the efficiency of the industry. The article describes the main aspects of fruit and vegetable production in the field of agricultural problems and ways to overcome them.

Fintech refers to financial technologies used in banking and financial services, including mobile payments, money transfers, loans, and asset management. Fintech startups offer fast, innovative, and convenient services that either compete with or collaborate with traditional banks. In recent years, investments in Fintech have grown rapidly due to its wide applicability. These technologies improve service quality, enhance customer experience, and transform traditional financial systems. Fintech plays a vital role in modern banking by offering digital solutions for both individuals and businesses. This article explores the significance of Fintech and the mutual benefits of bank-Fintech cooperation.

This article systematically analyzes the directions of increasing the economic activity of the household sector in the Republic of Uzbekistan. During the study, statistical indicators, regional differences, income and expenditure dynamics, changes in the consumption structure, and the influence of state policy for the period 2019–2024 were assessed. The importance of the labor market, migration, social payments, and digital economy factors in the formation of household income was separately studied. The results of the analysis showed that, despite the stability of real household incomes, some regions are experiencing a shortage of resources, limited consumption and investment opportunities. The article proposes five main directions for increasing the economic activity of households: development of financial services infrastructure, support for family entrepreneurship, improvement of social policy, digitization of management, and development of regional differential strategies. These approaches expand the opportunities for households to achieve financial stability, use resources efficiently, and contribute to economic growth.

This article analyzes the stability of currencies, which has become one of the most important financial indicators in recent years. Taking the Uzbek soum as the base currency, the resilience of neighboring countries’ currencies in the exchange market is examined using a comparative method. Based on analyses using the Hill estimator and OLS log-log regression models, significant conclusions have been drawn.

This article analyzes the impact and significance of the supply chain in the economy of Uzbekistan. In particular, it examines the role of the logistics system in the national economy, its development trends, as well as existing problems and their solutions. An assessment of the current state of the supply chain infrastructure, government support measures, and recommendations for the development of international logistics networks are provided. According to the research results, to increase the efficiency of the supply chain in Uzbekistan, it is necessary to use digital technologies, improve transport infrastructure, and expand regional cooperation.

This article analyzes the role of the digital economy in the development of the modern economy. The digital economy, which has emerged due to the rapid development of information and communication technologies (ICT), has a profound impact on global economic processes. The article examines key components of the digital economy, including e-commerce, Fintech, big data analytics, artificial intelligence and cloud technologies. These technologies significantly contribute to economic growth by increasing productivity, creating new jobs, stimulating innovation and facilitating market access. At the same time, the article also discusses issues related to the development of the digital economy, such as digital inequality, cyber security and data security. The article concludes by proposing ways to achieve sustainable and inclusive economic growth by balancing the positive and negative aspects of the digital economy.

The article provides an in-depth analysis of the role of social entrepreneurship in modern society and its importance in ensuring economic and social stability. The study examines trends in the development of social entrepreneurship, mechanisms of state support, subsidies and practical experience based on preferential lending in Uzbekistan. A deep analysis of the main problems hindering the development of social entrepreneurship was also conducted - gaps in legislation, low financial literacy, slow implementation of innovative technologies. The article develops a number of practical proposals and recommendations based on existing opportunities aimed at creating an institutional framework for the sector, strengthening legislation and stimulating social innovation.

This article discusses the analysis of the volume of product (work, service) sales and its main directions. The article also presents the approaches of local and international economists, outlined in various scientific sources, regarding the analysis of sales volume. As a result of the study, the author’s methodology for analyzing product sales volume is presented, as well as opportunities for its increase.

It is important in improving human potential in the regions, ensuring economic and social stability. The main problem of the article is the need for equal development of capacity between regions and the effective use of human resources, the development of strategies aimed at increasing the capabilities of the population in different areas, while ensuring the general well-being of society. The paper uses pictorial statistics, the Pearson correlation test, and regression analysis, and consequently shows human capacity building through education, health care, job creation, and the development of innovation in the industry. From this point of view, from a scientific and practical point of view, recommendations have been developed for the effective management of resources in the field of economic development and industry in the regions.

The article studies theoretically, methodologically and legally the concepts of remuneration of labor and the wage fund. Based on the conducted research, the author's definition of the concepts of the wage fund and the wage fund was formed, and its composition was prescribed. This composition may be the basis for the application of various benefits for tax purposes in financial accounting for the payment of wages at enterprises.

The topic of this paper focuses on the comparison of fixed asset accounting under International Financial Reporting Standards (IFRS) and National Accounting Standards (NAS). Fixed assets are the most important long-term assets that play a key role in the financial position of an organisation. The study examines the main differences in the approaches to recognition, measurement, depreciation and asset retirement accounting between the two systems. Particular attention is paid to the revaluation of fixed assets, depreciation methods, and approaches to accounting for repair and modernisation costs. The paper analyses how different standards affect financial reporting and management decision making, and what key aspects should be considered when moving from one accounting system to another. The study focuses on analysing the flexibility of IFRS and the limitations of NAS, which is important for accountants, financial professionals and managers working in different legal and economic environments.

The article analyzes current issues related to the standard of living of the population, as well as the dynamics of its income. Attention will also be paid to the measures being implemented within the framework of the strategy "Uzbekistan - 2030" and current tasks aimed at improving the material and spiritual well-being of the population. In turn, directions for further development will be discussed in terms of developing mechanisms for material support for low-income groups of the population.

This article will discuss ways to improve the efficiency of services based on foreign experience in strengthening the liquidity of commercial banks. It will explore the essence of bank liquidity, its history, and future prospects for development. The article presents current problems in improving banking efficiency through the introduction of innovative mechanisms for strengthening liquidity indicators. It also offers recommendatory approaches for addressing these issues.

Institutional and legal reforms aimed at increasing financial transparency in the Republic of Uzbekistan are analyzed. In recent years, the country has been implementing a number of measures to ensure the openness of public finances, strengthen citizen participation in the budget process, and increase transparency by digitizing the tax and expenditure system. This study assesses the main directions of these reforms, their effectiveness, and compliance with international standards (for example, the IMF's fiscal transparency criteria, PEFA indicators).

This article highlights in detail the theoretical and practical foundations of assessment based on the rating system in strengthening the sustainability of commercial banks. The article analyzes the international experience of banking supervision, methods of rating assessment, as well as approaches to assessment based on the Camels system. The evaluation criteria, scales and methodological approaches used in rating systems, in particular numerical and alphabetical rating expressions, are considered in detail. The advantages, limitations, and conditions of using complex and expert assessment methods are also substantiated, as well as essential aspects of the assessment model when choosing a criterion. The article highlights the need to collect high-quality information, apply mathematical and statistical models, and choose the right assessment parameters to improve the effectiveness of the rating system. The rating system is recognized as an important tool in improving the reliability and stability of banks through an objective assessment of their financial condition.

The article describes the method and technology of process management of entrepreneurship. The elements of entrepreneurship management are described, a set of interrelated actions, entry and exit from the process, the entrepreneurial idea and the process of making a profit are studied. As a result of this process, the organization of the "Entrepreneurship Development Company" in Uzbekistan, as a result of which the improvement of the business environment, and the progress in the development of entrepreneurship are analyzed. In this regard, recommendations are developed for improving the mechanism of entrepreneurship management.

This article examines the level of customer satisfaction with banking services and the improvement of its calculation. A high level of customer satisfaction with banking services makes it possible to establish long-term relationships with them and ensure the bank's sustainable development in the long term. In this regard, the issues of studying the level of satisfaction with banking services, a competent assessment of the results of such monitoring and their use to improve the quality of customer service and increase their satisfaction are of great importance for modern banks interested in business success.

В данной статье представлена информация по SWOT-анализу факторов, способствующих развитию туризма и эффективному использованию туристско-рекреационных объектов и формированию туристско-рекреационных кластеров в Сурхандарьинской области.

This article explores the theoretical and practical foundations of forming accounting policy in microfinance institutions. Key elements such as accounting methods, interest income recognition, loan loss reserves, and bad debt recognition criteria are systematically analyzed. Using the examples of “IMKON FINANS”, “Vodiy Taraqqiyot”, and “Biznes Finans”, differences in accounting policies are identified, and recommendations for improvement are provided.

The present article is devoted to the study of key indicators of the insurance market of Uzbekistan, characterizing the state of insurance culture of the country's population and the analysis of factors influencing the formation and development of the level of insurance culture. The authors proposed recommendations to improve the insurance culture of the population, which in the future will contribute to the sustainable development of the country’s insurance market.

This paper proposes a four-dimensional risk index model for designing internal audit programs in the public sector. The model integrates legal, financial, resource, and organizational risks to provide a comprehensive framework for risk-based audit planning. Through simulation involving hypothetical departments, the study demonstrates that aggregate risk scores can mask the diversity and specificity of underlying risk categories. By decomposing audit risk into distinct dimensions, the model enhances audit targeting, supports transparent decision-making, and aligns with international internal audit standards. It also proves particularly useful in environments with limited data availability. The model’s adaptability and clarity make it suitable for both manual and automated audit planning processes. While future enhancements could include dynamic weighting and digital integration, the model as presented already offers a robust and practical approach to prioritizing internal audit activities and improving public sector governance outcomes.

This article reveals the theoretical and practical aspects of improving the investment climate at the national level, in particular within each region, and thereby accelerating the attraction of foreign direct investment. It also covers approaches to the main factors and features of improving the investment climate in attracting investments.

Achieving gender equality is one of the important areas of socio-economic policy in Uzbekistan. The Senate of the Republic of Uzbekistan approved the strategy for achieving gender equality until 2030. This article examines such a gender aspect of management as equality in wages in companies in Uzbekistan and its impact on the effectiveness of management in the field of sustainable economic development.

This article focuses on poverty reduction through service sector development. The growth of production and services contributes to the increase in income of the population. The correct and effective organization of production and service sectors is based on the well-being of people, i.e. quality of life, and the possibilities for reducing poverty through service sector development are identified on the basis of analysis.

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 provides information about the Islamic financial instruments market, explaining what they are and how they are distributed to the financial market, and their important role in the economy. In the process of studying financial instruments in the world, the world experience of Islamic financial instruments is studied and the world experience of Islamic financial instruments is presented.

In the modern global economy, changes in the market occur rapidly. As a result, the terms of updating products offered to the market by business entities have been reduced. The spread of new products in the markets and their constant improvement create problems for market participants associated with product innovations. The spread of technological progress throughout the world has led to the convergence of the quality and technical characteristics of products manufactured in different regions. In such circumstances, the role of costs in achieving a competitive advantage and sustainable development has increased. There is a need to use costs economically and manage them effectively. The use of modern cost management methods is a particularly urgent task for the purpose of effectively organizing costs and increasing the competitiveness of products. Today, scientists in developed countries have developed a number of modern methods of planning and managing costs, and a comprehensive study of these methods and their application to the activities of business entities is an important task. This scientific work attempts to understand the modern methods of cost management currently used.

This article analyzes the indicators that affect the tax potential of the region in the formation of local budget revenues. The system of budgetary and tax policy measures to increase local budget revenues, tax collection mechanisms, the ability of regions to pay taxes, and the relationships that occur in the process of increasing and collecting taxes are highlighted based on foreign experience.

This article provides an analytical study of foreign experience, the possibilities of its application to national conditions, and the development of recommendations based on current statistical data to improve the methodology of entrepreneurship assessment.

The article discusses the role of import substitution as a key factor in enhancing the economic security of an enterprise's operations. It analyzes the main approaches and strategies aimed at reducing dependence on external supplies and identifies key directions for the effective implementation of domestic technologies and products. Special attention is given to the role of the state in stimulating import substitution processes by supporting domestic producers and creating favorable conditions for their development. The study highlights the importance of import substitution for strengthening the financial and economic stability of enterprises in the face of global economic challenges.

In this paper, the development mechanism of industrial e-services is mainly based on the cyber-physical production systems based on the automated design system (ALT) using artificial intelligence. The knowledge economy in the development of industrial e-services is emphasized by the global design systems for the production, protection, exchange, distribution and development of intelligent goods.

The paper analyzes the current state of the service sector in Uzbekistan, its role in the economy and development trends. The main focus is on the structure of the industry, the level of development by region, the impact of digital technologies and support measures provided by the state. It also highlights local features, problems and solutions specific to the service sector. Based on the research results, proposals and recommendations were developed for the further development of the industry.

This article analyzes the impact of transport infrastructure on destination development and demonstrates how it influences the traditional demand for tourism at the international trade level. An efficient transportation system and adequate infrastructure are essential for the growth of the tourism sector. Having well-developed transport infrastructure leads to lower transportation and trade costs and reduces travel distance, which contributes to the development of international tourism. Based on panel data from 22 countries that traded with Uzbekistan during the period 2003–2023, the study examines bilateral tourism flows over that time. We applied the gravity model to international tourism flows, controlling for the role of infrastructure in the dataset and disaggregating the data by country and time. The results show that inbound tourism to Uzbekistan is strongly influenced by both the direct and indirect development of its transport infrastructure. According to our findings, Uzbekistan can strategically develop its tourism sector by improving its transportation infrastructure – specifically railways, roads, and air transport.

The article separately analyzes the issues of export of national products of Uzbekistan through e-commerce, presents the issues of content, prospects for the development of the industry, the legal basis, the role of our economy in the field of e-commerce services, problems in the field of increasing exports of national products in Uzbekistan and proposals for its solution.

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.

В этой статье освещается роль технологий географических информационных систем (GAT) в эффективном планировании, управлении и развитии инфраструктуры. С помощью инструментов GAT были проанализированы возможности рационального использования территориальных ресурсов, оптимизации инженерных коммуникаций, быстрого реагирования на чрезвычайные ситуации и обеспечения экологической устойчивости. В качестве примеров рассматриваются передовой мировой опыт, в частности внедрение технологий GAT в рамках инициативы Smart Nation в Сингапуре, формирование моделей виртуальных городов и их влияние на транспортную, водную и строительную инфраструктуру, а также приводятся выводы и предложения на основе анализа.

This article analyzes the factors that enhance the economic efficiency of innovative management in the service market. It highlights the impact of modern management technologies, digital transformation, artificial intelligence, and CRM systems on the service sector. The main focus is on improving service quality, responding promptly to customer needs, and strengthening competitiveness through innovative approaches. The article also explores international experiences and practical challenges in Uzbekistan, identifying key internal and external factors that contribute to effective innovative management. The conclusion provides practical recommendations for further improving management practices in the service industry.

The article presents information on issues of maintaining, improving and specific features of accounting in non-governmental non-profit organizations.