TRENDS IN THE INVESTMENT DEVELOPMENT OF THE SUGHD REGION OF THE REPUBLIC OF TAJIKISTAN

The article examines the issues of investment development of the regional economy using the Sughd Region of the Republic of Tajikistan as an example. The study aims to assess the level of investment development of the region through the analysis of a system of indicators characterizing investment activity and the efficiency of investment processes. The main assessment criteria include the volume of net investments, the coefficient of renewal of fixed assets, the rate of fixed capital accumulation, the efficiency coefficient of investments in fixed capital, the level of economic innovativeness, and the share of gross savings in the gross regional product. The dynamics of these indicators for the period of 2020–2025 has been analyzed, and their compliance with established benchmark values has been assessed. The research findings indicate the presence of a non-investment type of economic development in the Sughd Region, which is reflected in the failure of most of the analyzed indicators to meet the established criteria of investment development. The study identifies trends of declining investment activity, insufficient renewal of production capacity, and a low level of innovative development of the regional economy. This indicates an extremely low level of investment activity in the region. To achieve a transition towards an investment-driven type of economic development in the Sughd Region, it is necessary, first and foremost, to direct investments toward the modernization and technological renewal of production facilities. The research findings can be used by regional and public authorities in the development and refinement of investment policies, socioeconomic development programs, and strategies aimed at enhancing the investment attractiveness of regions.

investments, investment development, non-investment development, capital investment, foreign investment, innovation activity, investment efficiency, fixed capital accumulation rate.

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2026-08-25