THE ROLE OF FOREIGN DIRECT INVESTMENT IN FOSTERING ECONOMIC GROWTH AND GREEN DEVELOPMENT IN UZBEKISTAN

Foreign Direct Investment (FDI) has emerged as a pivotal catalyst for economic growth in developing nations, facilitating the provision of vital capital, fostering technological innovation, and imparting managerial expertise. This article analyzes the influence of Foreign Direct Investment (FDI) on the economic development of Uzbekistan, with a particular focus on the nation's initiatives to draw Green FDI in alignment with its Green Economy Strategy for the period spanning from 2019 to 2030. Through a comprehensive examination of empirical studies and an analysis of data sourced from Central Asia, this article elucidates the significant role that foreign direct investment (FDI) has played in fostering technological innovation, enhancing productivity, and promoting sectoral diversification within Uzbekistan, with particular emphasis on the realms of renewable energy and sustainable infrastructure. The article delves deeper into the effects of Uzbekistan’s recent economic reforms on enhancing the investment climate, while also examining the challenges posed by regulatory inefficiencies, transportation costs, and geopolitical risks. The findings indicate that Green Foreign Direct Investment presents a considerable opportunity for Uzbekistan to attain long-term sustainable growth, thereby establishing the nation as a regional leader in the green economy. Nevertheless, it is imperative that ongoing reforms and initiatives aimed at diminishing regulatory obstacles are pursued to fully capitalize on the advantages presented by foreign direct investment (FDI).