THE STUDY OF MODERN CONCEPTS OF INVESTMENT IN FIXED CAPITAL AND THEIR IMPACT ON ECONOMIC GROWTH IN THE WORKS OF SCIENTISTS OF TAJIKISTAN

Authors

Saidmurodzoda L.Kh. – Doctor of Economics, Professor, Head of the Department of Comparative Economic Studies of the Institute of Economics and Demography of the National Academy of Sciences of Tajikistan, Corresponding Member of National Academy of Sciences of Tajikistan, Dushanbe, Republic of Tajikistan, Lsaidmuradov@rambler.ru
Ishmatova D.A. – researcher of the Department of Modelling and Forecasting of Socio-Economic Processes, Institute of Economics and Demography, National Academy of
Sciences of Tajikistan, Dushanbe, Republic of Tajikistan, ishmatova_96@mail.ru

Abstract

The results of the study of modern concepts of investment in fixed capital and their impact on economic growth in the works of scientists of Tajikistan are presented. The modern concepts of the impact of investment in fixed capital on economic growth, which are based on the following approaches: the approach based on the ratio of resources to the result; economic and technological. It is established that effective investment in fixed capital by sources of financing plays a key role in stimulating the economic development of Tajikistan. It is substantiated that the increase in certain sources of financing of investment in fixed capital leads to the growth of gross domestic product, and that structural shifts in the sources of financing of investment in fixed capital are necessary for this purpose. Diversification of sources of financing of investments in fixed capital requires special theoretical elaborations and practical measures to ensure it. The structured analysis allows to understand more deeply the diversity of points of view in this sphere. In the article the author researched and analyzed the works of domestic scientists, who determined in their works the causes of disproportions in the structure of investments in fixed capital in the conditions of the Republic of Tajikistan and proposed the main directions of increasing their role in the conditions of modern realities.

Keywords

investment, fixed capital, structure of investment, sources of financing, internal and external financing, economic growth, concepts, investment process, investment efficiency, public-private sector, approaches.

References

1. Avezova M.M., Akildzhanova Sh.Yu. Methodology for determining and assessing investment development of the regional economy. Bulletin of the University (Russian-Tajik (Slavic) University). 2021. No. 3-4 (75). pp. 45-57.

2. Avezova M.M., Akildzhanova Sh.Yu. Conceptual directions of strategic planning of investment development of the region. Bulletin of PITTU named after academician M.S. Oshimi.

2022. No. 1 (22). pp. 62-76.

3. Economic and scientific and technical potential of innovative development of the Republic of Tajikistan: current state, problems and prospects of development [Text] / Collective of

authors, N.K. Kayumov and others. – Dushanbe, 2018. – P. 58-59.

4. Financial potential of innovative development of the Republic of Tajikistan and mechanisms of its activation [Text] / Collective of authors, N.K. Kayumov and others. – Dushanbe, 2019. – P. 8, 13-14, 18, 26-27.

5. Ibrohimov I.R. Theoretical foundations of state regulation of markets of small open peripheral economy (on the example of Tajikistan) [Text] / Dissertation for the degree of Doctor of Economic Sciences. – Dushanbe, 2019. – P. 75-76, 89.

6. Ibrohimov, I. R. Formation of conditions for the transformation of savings into investments in the Republic of Tajikistan [Text] / I. R. Ibrohimov, T. V. Nikitina, G. F. Feigin // Finance and Business. – St. Petersburg, 2017. – № 4. – P. 47-56.

7. Ishmatova, D.A. Comparative cross-country analysis of sources of financing investments in fixed capital (for example CIS) / D.A. Ishmatova // The bulletin of TUT. – 2019. – № 1(36). – P. 109-115. – EDN BJIMHX.

8. Ishmatova, D.A. Issues of assessing the contribution of investments in fixed assets to the development of the country’s regions / D.A. Ishmatova // Economy of Tajikistan No.4-2. –

Dushanbe, 2021. – P. 184-190. – EDN EPHNEM.

9. Kayumov N.K. Globalisation of economy and foreign economic relations of Tajikistan [Text] / N.K. Kayumov, H.U. Umarov. – Dushanbe, 2005. – P. 162-163.

10. Kayumov N.K. Transitional economy of Tajikistan: Concepts, goals and mechanisms of development [Text] / N.K. Kayumov. – Dushanbe, 2013. – P. 80, 81, 82, 108, 619.

11. Khofizov H.A. Investment support for the development and use of natural resource Саидмуродзода Л.Х., Ишматова Д.А. Исследование современных концепций инвестирования в основной капитал и его влияния на экономический рост в работах ученых Таджикистана 59 potential of the region: on the materials of Sughd region of the Republic of Tajikistan [Text]: Dissertation for the degree of Candidate of Economic Sciences. – Dushanbe, 2019. – 191 p.

12. Kodirzoda F.A. Institutional factors of ensuring the security of foreign investment in the Republic of Tajikistan [Text] / Dissertation for the degree of Doctor of Economic Sciences. –

Dushanbe, 2023. – 428 p.

13. Nazarov, T. N. Globalization, innovations, investments and economy growth points [Text] / T. N. Nazarov // Proceedings of the Academy of Sciences of the Republic of Tajikistan.

Department of social sciences. – 2019. – № 1(254). – P. 7-19. – EDN UNDATU.

14. Nazarov, T.N. Economy of Tajikistan: New Quality [Text] / T.N. Nazarov // Proceedings of the Academy of Sciences of the Republic of Tajikistan. Department of Social Sciences. – 2020. – № 1(259). – P. 7-21. – EDN WSJXBQ.

15. Nazarov, T.N. Economy: factors of growth and efficiency [Text] / T. N. Nazarov // Proceedings of the Academy of Sciences of the Republic of Tajikistan. Department of Social

Sciences. – 2021. – № 1(262). – P. 7-20. – EDN RKYUIU.

16. Nazarov, T.N. Some challenges of economic growth and financial restructuring  [Text] / T.N. Nazarov // Proceedings of the Academy of Sciences of the Republic of Tajikistan. Department of social sciences. – 2018. – № 1(249). – P. 7-21. – EDN TWVVDS.

17. Rakhimov R.K. Problems of efficiency and ways of development of the economy of Tajikistan [Text] / R.K. Rakhimov. – Dushanbe, 1976. – P. 119-172; 129-130, 155.

18. Roziev D.A. Increase of investment attractiveness of light industry of the Republic of Tajikistan [Text]: Author’s abstract of the dissertation. … for the degree of Candidate of Economic Sciences: 08.00.07 / Roziev Dilovar Astanakulovich. – Dushanbe, 2022. – 31 p.

19. Safoev A.K. Management of investment projects in the process of accelerated industrialization of the Republic of Tajikistan [Text]: Abstract for the degree of doctor of economic sciences. – Dushanbe, 2023. – 111 p.

20. Saidmurodov L.H. Conceptual approaches and theoretical basis of public-private partnership in market services [Text] / L.H. Saidmurodov, F.M. Muqaddas-zoda // Bulletin of

the Tajik State University of Law, Business and Politics. Series of social sciences. – 2017. – № 1(70). – P. 16-25.

21. Saidmurodov L.Kh., Safarov A.I. To the question of the construction of a multifactor model for the estimation of the foreign economic activity of the Republic of Tajikistan [Text] / L.Kh. Saidmurodov, A.I. Safarov // Economy of Tajikistan No.4.2018. – Dushanbe, 2018. – P. 162.

22. Saidmurodov, L.H. Main directions of improving the investment climate in the Republic of Tajikistan [Text] / L.H. Saidmurodov // Economy of Tajikistan №1.2019. – Dushanbe, 2019. – P. 17.

23. Saidmurodzoda, L.Kh. Investing in fixed capital as a condition for ensuring export diversification in the Republic of Tajikistan / L.Kh. Saidmurodzoda, D.A. Ishmatova // Economy of Tajikistan No.4-1. – Dushanbe, 2022. – P. 9-18. – EDN SKILXQ.

24. Sharipov Sh.R. Issues on improving the investment climate in the regions of the Republic of Tajikistan [Text] / Economy of Tajikistan No.2.2018. – Dushanbe, 2018. – P. 22.

25. Sultanov, Z.S. Innovation and technological factors of development in the regional economy, their financial and scientific support [Text] / Z.S. Sultanov, A.X. Khabibov // Bulletin of Belgorod University of Cooperation, Economics and Law. – 2015. – № 4(56). – P. 169, 170.

26. Sultanov, Z.S. Investment projects as the most important mechanism for attracting investment in the economy [Text] / Z.S. Sultanov, Sh.R. Sharipov // Economy of Tajikistan. – 2018. – № 1. – P. 21-24.

27. Toshmatov, M. N. Formation and development the investment potential of national economies in a market economy [Text] / M. N. Toshmatov, N. M. Dadojonova // Bulletin of the Saidmurodzoda L.Kh., Ishmatova D.A. The study of modern concepts of investment in fixed capital and their impact on economic growth in the works of scientists of Tajikistan 60 Technological University of Tajikistan. – 2016. – № 1(26). – P. 188-192.

28. Toshmatov, M. N. Transformation of household savings in investments [Text] / M. N. Toshmatov, N. M. Dadojonova, Z. M. Toshmatova // Bulletin of the Tajik Technical University. – 2011. – № 4. – P. 85-94.

29. Toshmatov, M.N. Accumulation and investment in the modern conditions of development of the Republic of Tajikistan [Text] / M.N. Toshmatov // Economy of Tajikistan. – 2021. – № 1. – P. 29-38.

30. Toshmatov, M.N. Classification of investments according to the transformation period in the national economy [Text] / M.N. Toshmatov // Bulletin of the Technological University of Tajikistan. – Dushanbe, 2022. – № 2(49). – P. 224-233.

31. Toshmatov, M.N. Concepts and essence of investment policy of industrial enterprises [Text] / M.N. Toshmatov, Z.M. Toshmatova // Bulletin of the Technological University of Tajikistan. – 2009. – № 1(15). – P. 148-158.

32. Toshmatov, M.N. Economic modelling of the impact of foreign investment on economic growth and variability forward-calculation of the required investment for doubling and tripled GDP for 10 years in the Republic of Tajikistan [Text] / M.N. Toshmatov // Tajikistan and the Modern World. – 2016. – № 5(55). – P. 90-101.

33. Toshmatov, M.N. Theoretical aspects of investment tasks, investment activity, capital investment and their role in economic development [Text] / M.N. Toshmatov, I.E. Kalandarov // Bulletin of the Technological University of Tajikistan. – Dushanbe, 2022. – № 2(49). – P. 233- 247.

34. Umarov, H.U. Regulatory role of the National Bank of Tajikistan in conditions of money market unequilibrium state [Text] / H.U. Umarov, M.R. Obidova // National economic systems in the context of the formation of global economic space: Collection of scientific papers / Under the general editorship of Z.O. Adamanova. – Simferopol: Limited Liability Company “Publishing House Typography “Arial”, 2022. – P. 530-533.


Publish date

2026-03-18