The role of innovative technologies in the development of the economy of uzbekistan

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THE ROLE OF INNOVATIVE TECHNOLOGIES IN THE DEVELOPMENT OF 
THE ECONOMY OF UZBEKISTAN 
 
https://doi.org/10.5281/zenodo.8174673 
 
Annotation
: 
This article discusses the importance of innovation for 
the present-day development and progress of Uzbekistan's economy, 
highlighting the benefits of financing innovative projects. 
Key words
: 
innovation, modernization, infrastructure, credit, 
investment, bank, percent, resource, discovery, financing. 
 
In his address to the Oliy Majlis, President Shavkat Mirziyoyev 
emphasized the need for updated management systems in the 
economy, timely introduction of effective mechanisms to support 
innovative ideas, and identified them as significant challenges [1]. 
Furthermore, he identified technological backwardness, lack of 
resource and energy-saving technologies, and slow implementation 
of alternative energy sources as obstacles hindering economic 
development. 
To enhance the competitiveness of the national economy and 
penetrate global markets, consistent economic reforms are 
necessary. This entails fostering the rapid development of new 
enterprises and production sectors based on advanced technologies. 
In essence, economic competitiveness cannot be achieved without 
the advancement of innovative activities. By definition, innovation 
refers to the acceptance and public recognition of new discoveries, 
events, services, and methods. Introducing innovation involves the 
process of applying these new advancements, and from that point 
forward, the adopted improvements become innovations. 
Hence, the ultimate goal of implementing innovation is to yield 
positive outcomes. Consequently, innovation is closely tied to the field 
of investment. In the context of national economic development, the 
following areas can be identified as priority domains for innovation 
and investment activities: 
- Modernizing enterprises and expediting technical and 
technological upgrades, accompanied by the widespread adoption 
of modern and flexible technologies. 

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- 
Implementing 
specific 
measures 
to 
enhance 
the 
competitiveness of export-oriented enterprises in foreign markets and 
fostering additional factors that promote exports. 
- Boosting the competitiveness of enterprises in the real sector by 
incentivizing the reduction of production costs and overall product 
expenses. 
- Implementation of measures to modernize the electric power 
system, reduce energy consumption, and introduce an efficient 
energy-saving system. 
- Supporting local producers by stimulating demand in the 
domestic market. 
Undoubtedly, the role of innovations in modernizing the national 
economy and enhancing its competitiveness is unparalleled. 
However, certain conditions must be fulfilled for the organization and 
development of innovation activities in the country [2]: 
- State innovation policy: developing and defining the goals of 
the country's innovation strategy and establishing mechanisms to 
support priority innovation programs and projects by the state 
authorities of the Republic of Uzbekistan. 
- Investment potential: the cumulative resources of the state, 
industries, enterprises, and organizations in various forms (including 
material, financial, intellectual, scientific, technical, economic, etc.). 
- Innovation field: the areas of activity involving producers and 
consumers of innovative products (work, services), encompassing the 
creation and dissemination of innovations. 
- Innovation infrastructure: various institutions that facilitate and 
influence the implementation of innovation activities. 
- Innovation program (at the enterprise, industry, territory, state, 
region, and interstate levels): encompassing the allocation of 
resources, responsible parties, and deadlines for innovation projects, 
ensuring the effective accomplishment of objectives related to the 
development and deployment of new product types and a range of 
innovative projects and events. 
There are several types of innovation project financing. The 
primary method is funding based on the project's creditworthiness, the