Statistical Analysis of Factors Determining Efficient Use of Foreign Investments in Uzbekistan

The article assesses the effective use of investments in fixed assets in Uzbekistan and includes results of regression analysis of the impact of changes in foreign direct investment (FDI) volumes on GDP. The author established that in the previous period economic growth in Uzbekistan was primality caused by domestic investments. At the same time, analysis of the ICOR (Incremental Capital Output Ratio) dynamics and cross-section analysis of the impact of FDI on GDP in 15 transition economies show that misallocation of domestic investment in fixed assets reduces a country’s attractiveness to foreign investors. To assess the synergy effect of the investments, the author used an «Input-Output» model, which allowed to determine industry-specific coefficients of final demand, reflecting the multiplicative effect of investments in fixed assets on GDP growth.The degree of possible FDI influence on Uzbekistan current account balance was determined according to two scenarios, depending onthe capacity of the economy to attract FDI and the degree of export-orientedness.The results of the empirical analysis revealed an urgent need to  strengthen the synergy effect of investment efficiency factors by combining them and simultaneously creating new qualities (emergence). Additionally, based on the revealed highest multiplier effect of the investments in following Uzbekistan’s industries: engineering, chemical and light industry, production of textiles, clothing, and electrical equipment and devices - the author formulated recommendations for increasing their attractiveness to foreign investors.