Page 153 - Theoretical and Practical Interpretation of Investment Attractiveness

Euromoney 166 magazine. As we noted in previous chapters of the monograph, when
determining the rating, the journal’s experts pay attention to the following indicators:
economic efficiency;
level of political risks;
external debt of the state and its condition;
use/inability to use credit funds;
credit line;
the possibility of obtaining bank loans;
have a source of short-term financing;
the possibility of obtaining long-term loan capital;
the likelihood of force majeure situations occurring 167 .
In addition to the factors mentioned, it is advisable to take into account the following
factors:
political stability;
legal framework, its frequent changes;
the state of the country's domestic market and financial system;
the size of the tax burden;
solvency of the population;
workforce skills;
cost of resources (raw materials, labor and financial);
Information Support;
the country's debt and obligations to international financial and economic
organizations.
One thing should be openly admitted: when ratings of countries by investment
attractiveness are announced, Uzbekistan is not included in the list of general countries.
Also, before making financial investments in the country’s economy, investors pay
attention to indices showing the activity of the country’s stock market. These include:
DowJones and NASDAQ (USA), EuroCtoxx 50, FTSE (London), XETRA DAX (Germany),
CAC-40 (France), SMI (Switzerland), AEX (Netherlands), MIBTel (Italy), IBEX (Spain) ). ,
Nikkei (Japan), HANGSENQ (Hong Kong), MICEX-RTS (Russia), etc. It is also a pity that
Uzbekistan ranks last in these indicators. But today the stock market of Uzbekistan is not very
developed and reforms in this regard are happening slowly.
On the one hand, our government is currently focusing on TTHI. In fact, ensuring the
development of the real sector and increasing the volume of production of goods and services
has a derivative effect on the development of the financial market. That is why reforms are

166 Information: Euromoney magazine was founded in 1969, 12 issues are published per year. Since 1991, it has been
presenting “Awards for Excellence” in the fields of banking, finance and investment. Every year it organizes more than
40 conferences in different countries. Official website: http://www.euromoney.com.
167 URL: http://www.raexpert.ru/researches/regions/investclimate.

150