Technological renewal of production as a factor of economic development

The article considers the place of the technological renovation of production, the strategy for the development of the innovation process at enterprises, the influence of the investment climate on improving the production and technological activity of the enterprise, and improving economic efficiency through the modernization of technology and production technology, the relationship between investment and innovation. The reasons of development of innovative and technological activity in the republic are determined, one of which is the amount of financing from the state budget for the development of technical and technological progress. The transition of the Republic of Uzbekistan to an innovative development path is considered, and goals and objectives for improving the activities of the oil and gas industry are defined, such as: enhancing the industrial potential of the oil and gas industry through the development of modern and successfully approved international technologies, further improving the competitiveness of products, on this basis, the sustainable development of the oil and gas industry, the growth of export potential and the most satisfaction of the needs of the economy and the republic's population in oil and gas products, attraction of direct foreign investments, introduction of innovative technologies and technologies into the production processes of oil and gas organizations. Statistical data are provided on a number of investments directed to the development of the Uzbekneftegaz industry, as well as on the renewal of machinery and technology, and the creation of new production capacities. The analysis of the degree and effectiveness of the state impact on the activation of innovative activity and giving an innovative focus to production and economic processes that allow us to identify several topical areas of state regulation of technological renovation of production, as well as the results of the strategy of technological renewal of production. The measures for implementing strategies that allow implementing investment and innovative projects, raising the level of conditions for the development of competition and ensuring the introduction of modern effective management methods in the innovation sphere, including the development and implementation of a long-term state innovation policy are considered.