Tashmatov Gayrat Rovshanovich
European Bank for Reconstruction and Development, Project Coordinator for “Unified Investment Platform” Information System
PhD Candidate, National University of Uzbekistan
Email: gayrat@outlook.com
ORCID: 0009-0003-7528-9013
Tel: +998 97 776 1800
Abstract: The article presents a comprehensive analysis of the territorial differentiation of investment activity in the regions of the Republic of Uzbekistan for the period 2010–2024. The study aims to identify key trends, factors, and disparities in the distribution of fixed capital investments among the country’s regions. The research methodology includes statistical analysis of investment dynamics, calculation of per capita investment indicators, structural analysis of financing sources (including foreign direct investment), and assessment of investment efficiency through the capital productivity indicator. The results indicate a significant increase in the total volume of fixed capital investments — from 16.5 trillion soums in 2010 to 507.5 trillion soums in 2024, representing a 30.8-fold increase. At the same time, a high degree of investment concentration in developed regions was revealed: four leading regions (Tashkent city, Tashkent, Namangan, and Bukhara regions) accumulate 53.4% of all investments in the republic. The gap between regions in per capita investment reaches 5.9 times. Analysis of investment efficiency revealed significant differentiation in capital productivity indicators — from 1.27 to 4.24 soums of GRP per 1 soum of investment. Based on the analysis, recommendations are formulated for developing differentiated mechanisms to stimulate investment activity, taking into account the specifics of each territory.
Keywords: fixed capital investment, regional development, territorial differentiation, foreign direct investment, capital productivity, investment policy, Uzbekistan, regional disparities, strategic planning, economic growth.