IMPROVING THE INVESTMENT STRATEGY FOR SUSTAINABLE DEVELOPMENT OF INDUSTRIAL ENTERPRISES

This study examines approaches to improving the investment strategies of industrial enterprises in Uzbekistan to ensure that the recent expansion of investment contributes to sustainable industrial development. Drawing on official statistical data for 2021–2025 from the National Statistics Committee and the Ministry of Investment, Industry and Trade, the research employs structural, comparative, and concentration analyses, including concentration ratios, the Herfindahl–Hirschman Index (HHI), the regional maximum-to-minimum ratio, and the coefficient of variation, complemented by a SWOT analysis. Fixed capital investment increased from 236.6 trillion soums in 2021 to 591.1 trillion soums in 2025, representing approximately 1.8-fold growth in real terms. Utilised foreign investment and loans reached USD 43.1 billion in 2025, including USD 38.2 billion in foreign direct investment. Foreign sources accounted for 71.4% of fixed capital investment, while two partner countries represented 43% of total foreign investment. Furthermore, the region receiving the highest investment volume attracted 6.1 times as much investment as the region receiving the lowest volume, highlighting opportunities to improve the geographical distribution of investment. Green finance is at an emerging stage of development, offering further opportunities to integrate sustainability principles into industrial investment strategies. Based on these findings, the study proposes a five-component framework encompassing the diversification of investment sources, the introduction of green and environmental, social, and governance (ESG) financing instruments, the development of public–private partnerships and industrial clusters, the implementation of risk-sharing mechanisms, and the establishment of a key performance indicator (KPI)-based monitoring system with measurable baseline indicators.