Boyev Bekzodzhan Zhurakul Oglu
Doctor of philosophy in economics (PhD
Associate Professor, Department of corporate finance and securities
Tashkent State University of Economics
ORCID: 0000-0003-0069-8739
Shavkatov son of Behruz Rustam
3rd year student of the Faculty of
Doctor of philol: shavkatovbehruz02@gmail.com
ORCID: 0009-0007-0780-5724
Abstract:
This article provides a comprehensive scientific analysis of the interrelationship between the international financial market and the real sector, as well as their role, significance, and impact on contemporary economic development processes. In the context of globalization, the international financial market has become a major generator of capital flows, contributing to the expansion of investment opportunities for national economies, particularly within the real sector. From this perspective, the article examines the mechanisms through which global financial resources are directed toward the real sector, the influence of investment flows on sustainable economic growth, the expansion of production capacity, and the increase in labor productivity. The study analyzes the role of international credit lines, foreign direct investment, portfolio investments, and the participation of international financial institutions in financing the real sector. Special attention is given to the contribution of major international financial organizations — including the World Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development — to economic digitalization, infrastructure modernization, energy efficiency improvement, and the support of innovative projects. The article also evaluates Uzbekistan’s legal and institutional framework for attracting foreign investment, the liberalization of the business environment, tax and customs incentives, investor protection guarantees, and the effectiveness of recent reforms. Furthermore, improvements in creating favorable conditions for investors, the development of public-private partnerships, the expansion of free economic zones, and advancements in investment insurance mechanisms are systematically assessed. The research compares successful investment policy practices in developed countries such as the USA, Japan, South Korea, Germany, and Singapore. Based on their advanced approaches and strategies for attracting capital flows, the article proposes recommendations adapted to the economic conditions of Uzbekistan, focusing on increasing real-sector capital capacity, accelerating technological modernization, developing high value-added industries, and enhancing international investment cooperation.
Key words: International financial market; capital; investment; economy; national accounts system; trade; marginalism; Marxism.