Pilgrimage tourism is one of the promising areas of tourism development in the Republic of Uzbekistan. The article examines the main indicators and trends in the development of pilgrimage tourism in Uzbekistan, as well as its socio-economic consequences. The purpose of the study is to identify the role of pilgrimage tourism in the economy of the Republic of Uzbekistan, to determine the main indicators and trends in the development of this area of tourism. The ideas of the study are that pilgrimage tourism has significant potential for the development of the economy of Uzbekistan, creating jobs and improving the standard of living of the population.

The research contributes to the development of theoretical knowledge about pilgrimage tourism in Uzbekistan. The practical significance of the study lies in the fact that its results can be used to develop strategies for the development of pilgrimage tourism in Uzbekistan, as well as to improve the efficiency of management of this tourism area.
The methodological basis of the research is the economic and sociological approaches. The research uses methods such as statistical data analysis, including correlation and regression analysis; analysis of official legal documents and scientific literature, generalization, forecasting.
As a result of the study, the following main results were obtained. In 2022, about 313.9 thousand pilgrims visited the country, which is about 6% of the total number of international tourists. Revenues from pilgrimage tourism in 2022 amounted to 125.6 million dollars, which is about 1.52% of the GDP of the Republic of Uzbekistan. According to the forecast for 2023, the incoming tourist flow to the Republic of Uzbekistan will grow to 7 million people, the number of pilgrim tourists will amount to 420 thousand people. Then the income from pilgrimage tourism in 2023 It will amount to $168 million, and the total revenue from tourism will amount to $ 2.8 billion. Using correlation analysis, a direct noticeable correlation was revealed between employment in the tourism sector and income from tourism. Pilgrimage tourism is one of the promising areas of tourism development in Uzbekistan. The results of the study contribute to the development of theoretical knowledge about pilgrimage tourism in Uzbekistan. The results of the study can be used to develop strategies for the development of pilgrimage tourism in Uzbekistan, as well as to improve the efficiency of management of this area of tourism. In particular, the study can be used to improve the regulatory framework governing activities in the field of pilgrimage tourism; development of infrastructure for pilgrimage tourism; promotion of pilgrimage tourism in foreign markets.

The purpose of this article is to identify the potential for the development of gastronomic tourism in the Republic of Uzbekistan based on the analysis of statistical data. Research methods include statistical data analysis, SWOT analysis. The results of the study. Uzbekistan has a rich potential for the development of gastronomic tourism, due to its unique cuisine, historical and cultural heritage, as well as a favorable climate. Gastronomic tourism in Uzbekistan is at the stage of development, but shows positive growth dynamics. The share of income from gastronomic tourism in the total GDP of Uzbekistan is about 2%. The problems hindering the development of gastronomic tourism include a lack of infrastructure, a shortage of qualified personnel, and limited information for foreign tourists. It has been revealed that gastronomic tourism can become one of the leading directions of the tourism industry in Uzbekistan, subject to state support and competent management. For the development of gastronomic tourism, it is necessary to develop tourist infrastructure; improve the skills of personnel; actively promote the gastronomic potential of Uzbekistan on the international market; develop new gastronomic routes; preserve and popularize traditional recipes and cooking technologies.

Within the framework of the “Uzbekistan – 2030” and “Digital Uzbekistan – 2030” strategies adopted in New Uzbekistan, as well as at the new stage of economic reforms, special importance is given to improving the activities of appraisal organizations and enhancing the quality and efficiency of the services they provide. This article explores the issues of fostering fair and healthy competition in the valuation services market through the assessment of appraisers’ ratings and the determination of their rankings. The rating system offers opportunities to ensure transparency, strengthen customer trust, improve service quality, and increase overall competitiveness. Based on the analysis of international experience, the article discusses effective approaches that can be introduced into national practice, criteria for appraiser ranking, evaluation methods, and their outcomes. The article also presents proposals and recommendations for addressing potential challenges that may arise during the implementation of such a system.

In the context of the modern global economy, the accelerated adoption of cutting-edge innovative technologies across key economic sectors, social domains, and other areas of activity in the Republic of Uzbekistan emerges as a pivotal factor for ensuring sustainable and dynamic development. The rapid transformation of all facets of the country’s societal and governmental life necessitates systematic support for ongoing reforms, grounded in the latest innovative ideas, developments, and technological solutions. These efforts are aimed at achieving a qualitative leap, positioning Uzbekistan among the leaders of global civilization amidst the trends of digitalization and the transition to a knowledge-based economy. The high relevance of this topic stems from the need to adapt international best practices to Uzbekistan’s national context to establish an effective innovation ecosystem. This study examines diverse approaches to state support for innovation activity implemented in economically advanced and dynamically developing countries. Drawing on this analysis and considering the specifics of Uzbekistan’s national economy and current socio-economic challenges, the authors propose recommendations to enhance the mechanisms of state-driven stimulation of innovation processes in the Republic of Uzbekistan. The suggested directions focus on strengthening the country’s competitiveness within the global landscape.

This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure on bank profitability and market value in Uzbekistan an underexplored emerging economy in Central Asia undergoing rapid financial and sustainability reforms. Using a panel dataset of 22 commercial banks from 2015 to 2024, we construct a hand-collected ESG disclosure index through systematic content analysis of annual and sustainability reports, supplemented by financial data from the Central Bank of Uzbekistan. Net profit margin serves as the primary measure of profitability, while Tobin’s Q and market capitalization proxy for market value. Employing fixed effects, random effects, and System Generalized Method of Moments (GMM) estimators to address endogeneity and unobserved heterogeneity, we find that higher ESG disclosure is significantly associated with improved bank profitability. Notably, this relationship is driven almost exclusively by the governance (G) pillar, while environmental (E) and social (S) disclosures show no statistically significant effects highlighting the context-specific materiality of ESG dimensions in transitional economies. Robustness checks, including lagged specifications, sub-sample analyses by ownership type, and alternative ESG measures, confirm the reliability of our findings. The results suggest that in Uzbekistan’s institutional environment characterized by ongoing corporate governance reforms and nascent green finance infrastructure transparency in board oversight, risk management, and anti-corruption mechanisms enhances operational efficiency and stakeholder trust, thereby boosting net margins. Our study contributes to the limited literature on ESG-finance linkages in Central Asia and challenges universalist assumptions about ESG materiality by demonstrating that governance remains the most financially relevant pillar in early-stage reform contexts. The findings carry important implications for regulators, bank managers, and international investors: prioritizing credible governance disclosure offers a strategic pathway to both financial performance and market legitimacy. As Uzbekistan advances its National Strategy for Green Economy Development, this research provides empirical grounding for sequenced, institutionally attuned ESG integration in the banking sector.

This scientific study is devoted to a comparative analysis of the economic efficiency of tax incentives and subsidy policies in the development of the hotel industry in Uzbekistan and South Korea. The work comprehensively studies the methods of financial stimulation of the hotel sector, their impact on investment attractiveness and regional economic 

growth based on the experience of the two countries. The main objective of the study is to determine the effectiveness of economic instruments that support the development of the hotel industry, in particular, through tax incentives and state subsidies. At the same time, the practical results of public-private partnership mechanisms are also evaluated based on empirical evidence. During the study, the relative advantages of the effectiveness of financial approaches used in Uzbekistan and South Korea are determined; The impact of tax and subsidy policies on reducing interregional disparities and increasing tourism potential is assessed; An incentive model adapted for Uzbekistan, based on international best practices, is developed. This study is of practical and theoretical importance for economists, analysts, tourism decision-makers, investment policymakers, as well as postgraduate researchers. The study not only highlights existing economic and institutional problems, but also puts forward scientifically based proposals for their solution. Therefore, this work serves as a reliable source for creating a sustainable tourism policy. The scientific novelty of the study is the first systematic comparative analysis of the practice of applying tax incentives and subsidies in the hotel industry of Uzbekistan and South Korea. This work identifies the impact of tax incentives on criteria such as investment activity, regional development, and service quality. In addition, an incentive model adapted to national conditions and focused on economic efficiency was developed, and practical recommendations were given for the development of tourism infrastructure based on public-private partnerships.

The national capital market in Uzbekistan is undergoing a significant transformation as part of the country's broader economic liberalization and modernization efforts. This article provides an in-depth assessment of the current state of the capital market in Uzbekistan, analyzes the problems it faces and the prospects for its development. The analysis draws on recent reforms, legislative changes and market trends to assess the effectiveness of current strategies and suggest recommendations for further improvements. The results highlight the importance of a coherent regulatory framework, increased market transparency and increased investor confidence in creating a dynamic and sustainable capital market in Uzbekistan.

The article is devoted to identifying ways to improve the management accounting methodology of companies in the energy industry of Uzbekistan to increase the efficiency of their financial management. To do this, a regression analysis of the dependence of the availability and quality of provided electricity resources in Uzbekistan on the factors identified in the literature review is carried out based on World Bank statistics for 2003-2020. As a result, key areas of management accounting for companies in the energy industry of Uzbekistan have been identified, which have the greatest positive impact on the efficiency of their financial management. Taking into account the identified areas, the author's recommendations are proposed to improve the methodology of management accounting of energy industry companies in Uzbekistan to increase the efficiency of their financial management.

The hospitality industry in Uzbekistan has been rapidly expanding, with a significant increase in hotels and room capacity, particularly in Tashkent, Samarkand, and Bukhara. As part of the country’s sustainable development efforts, Environmental, Social, and Governance (ESG) principles are being integrated into regulatory frameworks and business practices. This article examines the current state of ESG adoption in Uzbekistan’s hotel industry, the impact of national policies, and the benefits of implementing ESG strategies. A literature review highlights global best practices and the financial advantages of ESG compliance. The study also presents an analysis of ESG implementation challenges and provides recommendations for enhancing sustainability in Uzbekistan’s hospitality sector.

This article analyzes the concept of financial derivatives, their types and practical application. It also presents the level of development of the derivatives market in Uzbekistan, existing problems and the author's proposals for their elimination. The study highlights the importance of derivatives for the economy, their role in risk management and the opportunities they create for investors. The author proposes important measures to improve the legislative framework, create infrastructure and attract investors to develop the financial derivatives market in Uzbekistan.

Small business plays a key role in the economy of Uzbekistan, contributing to the creation of jobs, the development of innovations and improving the quality of life of the population. Despite the supportive measures of the state, small businesses face a number of obstacles, such as a high tax burden, bureaucratic barriers and limited financial resources. The purpose of this article is to comprehensively analyze the state of small business in Uzbekistan, identify the main problems and proposals for their solution. The article examines current trends in entrepreneurship, provides statistical data illustrating the growth and development of the sector, and offers recommendations for improving the business environment. The analysis confirms that small business in Uzbekistan has significant potential, but requires further state support and optimization of existing measures.

This paper examines the trade dynamics of landlocked Central Asia, with a particular focus on Uzbekistan. The geographical disadvantages of Uzbekistan, a double-landlocked country, significantly impede its trade competitiveness due to high transportation costs and prolonged transit times. Historically dependent on exports of commodities such as cotton, gold, and natural gas, Uzbekistan’s economy remains vulnerable to global market fluctuations. To mitigate these challenges and enhance its trade potential, the study underscores the necessity of diversifying into value-added sectors and improving trade logistics infrastructure. By employing the gravity model of trade, the paper evaluates the impact of trade facilitation measures on bilateral trade volumes within the Central Asian region. The findings highlight the critical role of infrastructure development, customs modernization, and regional cooperation in bolstering Uzbekistan’s trade efficiency. The analysis reveals that countries with advanced trade facilitation measures engage in higher trade volumes with Uzbekistan, suggesting that strategic investments in transport infrastructure and regulatory reforms are pivotal. These efforts are essential for integrating Uzbekistan more effectively into global markets and fostering economic growth within the region.

This research investigates the function of corporate governance in enhancing the application of ESG (Environmental, Social, and Governance) within Uzbekistan’s commercial banking industry. This research employs secondary data from sustainability reports, annual disclosures, and publications by the Central Bank of Uzbekistan and international financial institutions to critically examine the impact of governance structures-such as board independence, gender diversity, and oversight committees-on ESG integration and financial stability. The results show that more and more Uzbek banks are reporting on ESG issues. In 2019, just two banks did this, but by 2024, eight banks will be doing it. Banks with boards that are more independent and diverse show far better ESG performance and financial strength, which is shown by greater returns on assets and fewer loans that are not performing. The paper also points out ongoing problems, such as a lack of ESG knowledge, no standardised reporting standards, and uneven policy implementation. The study finds that corporate governance is both a base and a force behind sustainable finance. To bring Uzbekistan's banking practices in line with global sustainability standards, it calls for a national ESG disclosure standard, more accountability at the board level, and stronger institutional capacity building.

This article analysis the development of MICE tourism (Meeting, Incentives, Conferences, Exhibitions or Events) has become one of the most dynamic directions in the global tourism industry, directly contributing to economic diversification, international cooperation, and the establishment of a favorable business environment. In the context of Uzbekistan, where the tourism sector is rapidly expanding, the integration of inclusivity principles into MICE tourism represents both a strategic necessity and an innovative approach. Inclusivity is understood as ensuring equal access and participation for all social groups, regardless of gender, age, physical ability, or regional background. This implies the creation of barrier-free infrastructure, accessible conference and exhibition facilities, the use of sign language interpretation, and the promotion of gender equality and youth engagement. The research emphasizes that inclusivity in MICE tourism not only broadens participation and strengthens social cohesion but also increases the competitiveness of Uzbekistan’s tourism market at the international level.

This article analyses the relationship between sustainable tourism and gourmet experiences in Uzbekistan, focusing specifically on organic food and sustainability. The essay examines the advantages and challenges of integrating different organic methods into Uzbekistan's gourmet tourism. It delves into how implementing sustainable practices may enhance local restaurants, save cultural and national meals, and advance environmental safety. This research aims to provide insights into the future of sustainable culinary tourism in Uzbekistan by analyzing literature, case studies, and present practices. The local and international cuisines in Uzbekistan are contrasted in terms of their organic qualities and their ability to attract tourists.

This study explores the privatization of state-owned enterprises (SOEs) through Initial Public Offerings (IPO) and Secondary Public Offerings (SPO), with a focus on Uzbekistan's evolving capital market. Drawing on international experiences from countries such as Korea, China, India, and Turkey, the research highlights how SOE listings can enhance corporate governance, attract foreign investment, increase transparency, and stimulate overall economic development. The article analyzes Uzbekistan’s current market environment, including government-led reforms, investor base limitations, weak listing infrastructure, and challenges in disclosure and corporate governance. While recent initiatives demonstrate a strong governmental push for IPOs of major SOEs, the study identifies systemic barriers such as insufficient institutional investors, underdeveloped underwriting practices, and a lack of market awareness among retail investors. The paper concludes with actionable recommendations, including phased IPO implementations, capacity building for investment banks, strengthening disclosure practices, and fostering public interest in equity investment. The findings aim to support Uzbekistan’s strategic transition from a state-led to a market-oriented economy through sustainable and well-managed privatization programs.

The article describes the approaches of foreign scientists to the concept of the creative economy and its constituent industries. The American and British approaches to the main sectors of the creative economy are compared. In 1900-2008 trends in the development of the creative working class in the structure of the US working class were studied. Based on the UK methodology, the state of development of the creative economy in Uzbekistan is analyzed from the point of view of its constituent industries and the number of employees. Scientific proposals and practical recommendations aimed at developing the creative economy in Uzbekistan have also been developed.

Tourism development in Uzbekistan is viewed as one of the priority areas of state policy aimed at diversifying the economy and enhancing the country’s international image. Given Uzbekistan's rich historical and cultural heritage, the effective use of tangible cultural heritage sites in the tourism sector becomes particularly important. However, the current level of integration of such sites—especially archaeological monuments—into tourism remains extremely low. This indicates the existence of systemic issues, including lack of infrastructure, outdated or inaccurate registry data, low awareness of the sites, and the absence of a comprehensive methodology for assessing their tourism potential. This research is especially relevant for regions with high cultural potential but underdeveloped tourism infrastructure, such as the Fergana and Andijan regions. The development and testing of a comprehensive methodology for assessing the tourist appeal of tangible cultural heritage sites makes it possible to propose a scientifically grounded approach to forming regional tourism routes, as well as effective strategies for the preservation and promotion of cultural values.

This article explores South Korea’s advanced experience in developing tourism infrastructure and analyzes its potential sustainable applications in the context of Uzbekistan. The research focuses on key aspects such as public-private partnerships, the implementation of digital technologies, ensuring environmental sustainability, and systematic development of tourist destinations in South Korea. It is argued that adapting these practices to Uzbekistan’s conditions could lead to long-term and sustainable growth in the national tourism sector. The article concludes with practical recommendations and modern infrastructural approaches for Uzbekistan.

Based on the program of rapid development of the national economy and ensuring high growth rates of the New Development Strategy of Uzbekistan for 2022-2026, determined by the President of our country Mirziyoyev, and in order to ensure its implementation, the quality of property value assessment, including the market value of real estate in the insurance process who mentioned the necessity and urgency of improving research on increasing efficiency. The situation in the real estate market for the first half of 2022 was analyzed by the Center for Economic Research and Reforms. The volume of sales on the real estate market in Uzbekistan increased by 6%. According to the results of the analysis, 126,000 real estate sales contracts were signed in Uzbekistan in the first half of 2022, which is 6% more than in the same period of 2021 (119,000). Therefore, improving the management of real estate objects on the basis of digital technologies is one of today's priority tasks. This article describes the role of trust management in improving the efficiency of real estate management and their introduction to the national real estate market.

This article examines modern trends in the development of the international insurance market and their adaptation to the conditions of the Republic of Uzbekistan. Key macroeconomic factors, digital transformations, and regulatory changes affecting the insurance industry are analyzed. Special attention is given to the need to implement international standards such as Solvency II, as well as the prospects for life and agricultural insurance in Uzbekistan. The study concludes with recommendations on digitalization, financial literacy improvement, and the enhancement of the regulatory framework in the insurance sector.

This article analyzes the role and importance of green investments in the development of the green economy in Uzbekistan. It explores the opportunities for implementing green investments to promote environmentally friendly economic activities, develop renewable energy sources, and introduce ecological technologies. Furthermore, existing green investment projects in Uzbekistan are examined, the main barriers to their expansion are analyzed, and appropriate conclusions and recommendations are provided.

Which generations should companies and sellers in e-commerce adapt to? This question is becoming increasingly relevant in the face of rapid digital technology development and changing consumer habits. Dividing society into generations helps us better understand people born in the same historical period and identify their cultural and social behavior patterns. In the age of technology, special attention is given to Generations Y, Z, and Alpha, who are considered "digital natives" and are exerting an increasing influence on the market. These consumer groups have unique values, perspectives, and lifestyles, making them key players in e-commerce. The aim of this article is to explore how companies can adapt their strategies to effectively engage with these generations.

Technological entrepreneurship in Uzbekistan plays an important role in stimulating economic growth by promoting innovation and job creation. The study analyses the impact of start-ups on the country's economic development, examines successful cases and identifies key success factors. Special attention is paid to government support and educational initiatives aimed at developing entrepreneurial skills. The study also includes an analysis of current challenges, such as the lack of venture capital and bureaucratic barriers, and offers recommendations on how to overcome them. The paper presents data on the growth in the number of start-ups and the volume of investments, indicating the significant potential of the sector. The paper considers the prospects for the development of technological entrepreneurship in Uzbekistan, including the creation of infrastructure and improvement of the legal framework. The article concludes with conclusions on the need for a comprehensive approach to supporting startups for sustainable economic growth.

The results of a study aimed at increasing the attractiveness of population deposits in the Republic of Uzbekistan, strengthening confidence in the banking system and protecting the rights of depositors are presented. The study provides an in-depth analysis of the activities of commercial banks, the legislative framework and international experience. Based on international experience, the deposit guarantee system in countries such as Germany, Singapore and South Korea was compared in accordance with the conditions of Uzbekistan. It was noted that accelerated digitalization processes and automated return systems are of decisive importance in increasing depositors' confidence in the banking system. Based on the results of the study, recommendations were developed such as reducing the deposit repayment period, expanding digital services, increasing the guaranteed limit and developing marketing strategies. These measures create a basis for increasing the stability of the banking system of Uzbekistan and accelerating the process of integration with international financial markets.