METHODS AND PRACTICE OF EVALUATION OF INVESTMENT PROJECTS IN JOINT-STOCK COMPANIES IN UZBEKISTAN AND KAZAKHSTAN

This article presents a scientific analysis of investment project evaluation methods and practices in joint-stock companies of Uzbekistan and Kazakhstan. Relying on statistical data from the last decade (2015–2024), it compares the investment activity of major joint-stock companies in these countries and the financial techniques used to evaluate projects. The literature review encompasses classical project appraisal methods, including Net Present Value (NPV), Internal Rate of Return (IRR), and payback period, and examines their application in emerging market contexts. A review of studies published in high-impact international journals suggests that the quality of corporate governance and the institutional environment have a significant impact on the efficiency of investment decisions. The paper analyses the challenges and solutions in the investment project evaluation practices of Uzbekistan and Kazakhstan, highlighting the need for improved corporate governance, the broader use of modern valuation methods, and consideration of ongoing economic reforms. The analysis section includes tables and figures based on real data, providing a comparative view of trends in both countries. In conclusion, recommendations are offered to enhance the effectiveness of investment project evaluation, underscoring the article's relevance for both scholars and practitioners, as well as its suitability for an international scientific journal.