Page 38 - Theoretical and Practical Interpretation of Investment Attractiveness

- an indicator of the riskiness of investments focused on the territory/network.
It can be seen that investment attractiveness is assessed by the difference between
income from investments in an area or sector and losses due to risk . The relative amount
between the amount of investment made in the fixed capital of a region or industry in previous
years and the profit received in the analyzed year shows the indicator of economic return.
Due to the fact that investments were made simultaneously in several industries of the
country's regions and the rate of profit from them (from each object) was different, the
economic return indicator was obtained based on the regional average:
ʛʜ
ൌ ( 1.6 )
ʓʓ ሺ˕ሻ࢐
᠖ ʗ
Here,
- indicator of economic return (level of profitability);
᠖
ʓʓ ሺ˕ሻ௝
MN - balance of financial results of activities (profit minus loss);
I - investments directed into fixed assets last year (by region).
A number of enterprises operate in the country. Understanding that investments made
in these enterprises (in fixed capital) will begin to generate income after a certain period of
time, in general, the sum of the balance of profits and losses will show the indicator of
economic return for the region, we improve the first formula as follows:
ܫܣ ˍ௝ ൌʓʓ ᠖௝ כሺʤ כ ൫ͳെ ʟʓ ൯ ൅ܻ כ ሺͳ െ ʟʓ ሻሻ ( 1.7 )
᠖௝
˕௝

Taking into account the presence of investment risk and the loss of income as a
consequence, it is necessary to calculate the level of risk. To do this, we derive the risk
indicator using the arithmetic average formula:
σ ܖ ܆۹ ܑ כܠܗ ܑ
ʟʓ ൌ ܑస૚ ܖ ( 1.8 )
ܒ
σ
ܑస૚ ܠܗ ܑ
Here,
ʟʓ - risk level of country j; – private indicator of investment risk; š‘ – the weight
୨
୧
୧
of a particular indicator, calculated by the expert method; n – number of private indicators; i
is an index of private indicators.
1 above 2. Based on the weight of influence of investment risk groups presented in
Table 3, it is advisable to use the expert assessment method and determine the investment
attractiveness of the country's regions. When calculating the investment risk of a network, it
is necessary to exclude political, social, infrastructural, legal and criminal factors . Because
these factors do not significantly affect the estimated indicator. In addition, it is inappropriate
to consider factors at the same level at both the regional and sectoral levels.
In order to further strengthen investment activity in the country and increase the
investment attractiveness of the regions, free economic zones have been created in a number
of regions of Uzbekistan (Navoi, Jizzakh, Angren, Urgut, Gijduvon, Kokan and Khazorasp).
), and a systemic institutional framework is being implemented aimed at ensuring investment
by foreign investors and running their own business. If you pay attention to the dynamics of
the years, then in 2000 the total volume of investments in fixed capital amounted to 744,520

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