FORMATION OF A SUSTAINABLE DEVELOPMENT MODEL OF SOGHD REGION OF TAJIKISTAN BASED ON THE TRANSFORMATION OF INVESTMENT FLOWS

The article analyzes the current state of the economy and the prospects for forming a sustainable development model of the Sughd region of the Republic of Tajikistan based on the transformation of investment flows. Key trends in investment development in the context of the transition to an innovation-oriented growth model are identified. An analysis of the region’s macroeconomic indicators for 2018–2024 was conducted, including the dynamics of gross regional product, export and import operations, and GRP per capita. The dynamics of capital investments and foreign investments, their structure by forms of ownership and sectoral orientation were studied. It has been established that despite positive economic growth dynamics, structural imbalances remain, manifested in the raw material orientation of foreign investment inflows, instability in their volumes, and a persistent excess of imports over exports. The share of investments in the economy from the population and the state remains lower than that of foreign investors. At the same time, for accelerated economic development, it is necessary that private sector investments occupy a leading position in the structure of capital investments, since they provide a multiplier effect in economic development. The need to transition to a diversified investment and innovation development model has been justified, which provides for the expansion of domestic investment potential, support for the private sector, the development of processing industries, and an increase in the competitiveness of the regional economy. The results of the study can be used in the development of state and regional programs for socioeconomic and industrial development of regions.

Investments, Investment Development, Capital Investments, Foreign Investments, Innovation Activity, Investment Efficiency.

2026-04-07