Investments and innovations of their mutual relations

Investments and innovations are quite closely the same structural elements of the market, consequently, any investment tactics implemented by a particular enterprise will be connected in a certain way with innovation activity.

In this context it is necessary to bear in mind one more very important circumstance: reaching the front lines of economic development at the beginning of the XXI century will inevitably cause a new scientific and technical revolution, and that in turn is an innovation-investment boom, Which will be directed to the renewal of the basic capital on a principally new competitive basis. Consequently, capital investments without innovation are impossible, because it makes no sense to reproduce pro-production that has become outdated in technical and technological terms. However, innovation does not exist without investment. Already today, the formation of closely interconnected investment and innovation markets has become a reality, which helps to ensure the provision of vital types of innovation activity.

Due to the difficulties of the transition period, the state and local budgets are not yet able to allocate funds for long-term innovation and technical re-equipping of existing pro-production. Therefore, the main burden of financing this activity rests with the owners of capital and commodity producers. However, many of them today, above all, are concerned about "survival" and pay little attention to pro-industrial investment and innovations, as this is beyond their immediate interests.

In order to radically change the situation, commodity producers and owners of capital must, along with a de-factual study of the market situation, the search for internal reserves to reduce the cost of production, develop a proprietary innovation-investment program with specific Proposals addressed to both potential foreign investors and domestic credit and investment institutions.

Undoubtedly, a great eco-economic interest for the development of innovative processes is represented by foreign investments, which can be facilitated by the provision of relatively cheap but qualified labor and a stable sales market in Uzbekistan. But for this it is necessary to strengthen real guarantees for the preservation and return of foreign loans and investments, which will be provided by domestic insurance companies in the domestic market of the republic. As a material security for foreign loans and investments, it seems reasonable to use republican assets in foreign banks, as well as investing foreign currency in joint production abroad.

Summing up what has been said, we can draw an unambiguous conclusion: the implementation of market reforms in Uzbekistan, including the deepening of the process of privatization, the achievement of macroeconomic stabilization and the provision of sustainable economic growth, the radical structural transformations in the national economic complex are inextricably linked With the implementation of an active investment policy, the importance of which will be further strengthened with the accession of our independent country to the XXI century.

In implementing structural changes in the economy of Uzbekistan, foreign investment plays an extremely important role, since the republic's productive forces need large investments for modernization and reconstruction, and internal sources of financing for investments are insufficient. Therefore, attracting foreign investments on a large scale pursues strategic goals and is one of the most important directions of the state policy pursued.

The main task of the state is to create favorable conditions for investing capital. Our country has everything it takes to attract significant foreign investment:

• -    The formed legislative base defining a legal field for business, protection of a private property and a competition;

• -    the created infrastructure for supporting the investment process;

• -    political stability;

• -    advantageous geographical position;

• -    rich mineral and raw materials resources, as well as the development potential of the agro-industrial sector;

• -    skilled labor resources;

• -    a sufficiently large market.

An important factor of the investment climate is a system of financial and economic incentives and benefits for foreign investors, which is oriented to increase foreign direct investment in the manufacturing sector, and in particular in the industry and production, which have a great export potential.

Source used:

• 1.    Innovative management / Ed. S.I. Ilyenkovoy - M .: Unity, 2001.

• 2.    Innovative management / Ed. LNOgolovoy - Moscow: Infra-M, 2001.

• 3.    Kokurin D.I. Innovative activity. - M .: Examination, 2001.

• 4.    Kruglova N. Yu. Innovative management / Under the scientific. Ed. DS Lvov. - Moscow: Step, 1996