This study explores the position of cultural heritage developments in Uzbekistan, with its rich cultural heritage, abundance of natural tourism attractions spread across 12,000 kilometers, distinctive World Heritage Sites, and distinctive tourism presence, Uzbekistan is attracting tourists from all over the world as it integrates with other Central Asian nations. There is potential for the tourist industry to grow in Uzbekistan. On the Silk Road, which connected Eastern and Western civilizations, several of its cities in Central Asia served as major trading hubs. The historical, archaeological, architectural, and natural assets of Uzbekistan draw travelers. Conversely, the Silk Road is a distinctive tourist destination network with substantial room for improvement. Thus, Uzbekistan's tourist industry has undergone extensive development, which includes respect for the country's historical and cultural assets and the construction of infrastructure that satisfies all international requirements. A legitimate tourism sector has emerged as a result of the increasing volume and complexity of tourism services, which supports viewing the phenomena as a unique aspect of the global economy. The phenomena of tourism is very complex by nature, with significant social, political, cultural, and economic ramifications. Cultural and historical tourism is a new sector with immense potential and is an essential part of the global tourism industry today. Uzbekistan, which has an abundance of historical sites, cultures and traditions, presents a perfect sector for culture and heritage tourism. Its ancient Silk Road cities like Samarkand, Bukhara, and Khiva have the potential to increase tourism revenue and use the funds for sustainable development of the country furthers supports this idea

This article analyzes the role of institutional mechanisms and strategic directions in attracting foreign investments to Uzbekistan in the context of digital transformation. Based on the current investment climate, national policies, and international practices, tailored policy recommendations are developed for Uzbekistan. The cases of China, Estonia, and Singapore are examined to demonstrate how advanced digital infrastructure can enhance the attractiveness of a country for foreign investors

The paper provides an in-depth examination of key issues such as methodologies for assessing tax system efficiency, the impact of tax burden on economic growth, and the fiscal effectiveness of tax incentives. Special attention is given to the large-scale tax reform implemented in the Republic of Uzbekistan since 2017. Based on a comparison of Uzbekistan’s tax burden with OECD countries and developing economies, several strategic recommendations are proposed. The findings indicate that the ongoing tax reforms in Uzbekistan contribute to the stabilization of budget revenues and the stimulation of economic growth; however, challenges remain in the areas of tax administration and ease of tax compliance

The article provides a brief description of the state of the economy of Uzbekistan and the relevance of its further development associated with the creation and use of innovative products. The highest concentration of startup initiatives is shown in such industries as IT, FinTech, E-commerce, EdTech, AgriTech, MedTech. Most startups and resources are concentrated in the city of Tashkent and large cities  like Samarkand, Bukhara and Fergana. The factors hindering the formation of a full-fledged startup ecosystem in the country and its regions are shown. Particular attention is paid to the problem of startup financing. Weak investment support at the initial stage of startup development, the low level of venture infrastructure and the legal framework for venture capital are emphasized. The evolution of the startup ecosystem in Uzbekistan is presented, starting with support for entrepreneurship and ending with the creation of a state system of venture funds. The development of the startup ecosystem in Uzbekistan is associated with the need to improve the legal framework, create a favorable business infrastructure, and introduce new mechanisms for financial and legal support. Proposals for the further development of innovation and the startup ecosystem in Uzbekistan have been systematized.

Uzbekistan, with its rich agricultural heritage, diverse climate zones, and burgeoning tourism sector, possesses significant untapped potential for agrotourism development. This article reviews the current state, problems, and future prospects of agrotourism in the country, considering it as a critical instrument for diversifying rural incomes and preserving regional cultural-agricultural traditions. The article draws on statistical analysis, comparative (international) analysis, SWOT and content analysis to analyze the current state of agritourism. The research concludes that realizing the full potential of agrotourism in Uzbekistan requires a coordinated national strategy must focus on targeted infrastructure investment, establishing clear legal frameworks, and developing specialized educational programs for farmers and service providers. The findings offer essential, data-driven recommendations for policymakers aiming to transform Uzbekistan’s agricultural landscapes into vibrant, economically sustainable tourism destinations.

This study assesses Uzbekistan’s innovation efficiency from 2020 to 2025 using Global Innovation Index (GII) data and compares it with global leaders (Switzerland, Sweden, USA), top overperformers (India, Vietnam, Morocco), and regional peers (Kazakhstan, Azerbaijan). Although Uzbekistan’s overall GII rank improved to 79th in 2025, its innovation outputs remain far below inputs, resulting in an average efficiency gap of 23 ranks. The three countries of India, Vietnam, and Morocco achieve better results than expected based on their input levels, but Kazakhstan and Azerbaijan produce outcomes that fall short of their potential. The main challenge for Uzbekistan is not investment levels but weak conversion of inputs into outputs, due to limited R&D commercialization, weak industry–research linkages, and low high-tech exports. The research suggests Uzbekistan should improve its national innovation system coordination through targeted foreign investment and venture financing for selected sectors to build an innovation-based economy

This article examines professional standards as a strategic instrument for transforming the workforce training system in the Republic of Uzbekistan amid ongoing labor market reforms. A comparative analysis is presented of approaches to the development and implementation of professional qualifications in the United Kingdom, New Zealand, Russia, and Albania. Based on an analysis of the regulatory framework and the application of standards in Uzbekistan’s tourism sector, key challenges and barriers are identified. The results of an empirical study reveal the levels of perception of professional standards among employers and educational institutions, as well as indicate directions for the institutional development of the national qualification system. Particular attention is given to the adaptation of international practices to the national context. Based on a conducted SWOT analysis, recommendations are formulated for improving mechanisms of implementation and updating of professional standards.

This article analyzes the current state of educational tourism infrastructure in Uzbekistan and highlights development opportunities and existing problems in this area. The article analyzes statistics of foreign students, international rankings of higher education institutions and infrastructure capabilities, and identifies development areas necessary to increase the attractiveness of Uzbekistan as a center for educational tourism. The article offers proposals for adapting to international education standards, improving quality and expanding infrastructure, including dormitories and digital educational platforms. The article also provides recommendations for increasing the competitiveness of Uzbekistan in the global educational tourism market through strategic investments, support for regional infrastructure and marketing activities.

This article analyzes the theoretical and practical aspects of developing educational tourism in Uzbekistan based on the experience of Türkiye. The study examines the role of educational tourism in the global economy, mechanisms for attracting international students, state policy, and the international competitiveness of universities. Particular attention is paid to Türkiye’s strategic programs such as “Türkiye Scholarships” and “Study in Türkiye,” as well as the possibilities of adapting these practices to Uzbekistan’s conditions. The research applies SWOT analysis, comparative analysis, and statistical methods. As a result, scientific and practical recommendations were developed to improve educational tourism, increase the flow of international students, and expand the export of educational services in Uzbekistan

The object of the research is to identify the existing problems in the hotel business in Uzbekistan and the ways to address them. The study highlights the structure of the hotel business, its service quality, personnel, clients, etc. In addition, it discusses how these aspects affect tourism development and the economic situation in Uzbekistan. The thesis focuses on ways to increase the competitive capacity of the hotel business through the application of IT technologies, improved employee training, and greater cooperation between the private and public sectors. Having analysed both sides, this research proposes new ways to address the current problems in the hotel business in Uzbekistan

This article examines the modeling of climate change-related financial risks in Uzbekistan. Based on official reports from the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the Central Bank of Uzbekistan, the country's vulnerability level to climate change is determined and the current state of climate risk management in the banking sector is assessed. The physical and transition components of climate risks and practical possibilities for their modeling using stress testing and Climate VaR methodologies are explored. Based on the research findings, scientific conclusions and practical recommendations for integrating climate risks into Uzbekistan's financial system and developing green finance are formulated

In this study, a methodology for using geographic information systems (GIS) technologies in forecasting the demographic development of the population of Uzbekistan until 2050 will be developed. The main goal of the research is to improve the mechanism for comprehensive analysis and forecasting of population size, age-sex composition, territorial distribution, urbanization processes, as well as internal and external migration flows by region. The research results are important for optimizing state planning, regional development strategies, labor market forecasts, and social infrastructure. The use of GIS technologies serves to scientifically substantiate the decision-making process, increasing the accuracy of demographic forecasts and the possibilities of visual analysis

This article examines the drivers of non-performing loans (NPLs) in Uzbekistan’s commercial banks by combining macroeconomic determinants with bank-specific factors and assesses the effectiveness of early warning systems (EWS) in mitigating the procyclicality of asset-quality deterioration. The empirical narrative relies on official Central Bank of the Republic of Uzbekistan indicators for NPLs and loan portfolios, complemented by recent empirical studies on NPL determinants in transforming banking systems. Particular attention is paid to ownership-related heterogeneity (state-owned vs. other banks), comparability issues between regulatory NPL metrics and IFRS 9-based measures, and the role of loan restructuring practices. The paper derives policy-oriented recommendations aimed at improving disclosure of asset quality, integrating IFRS 9 indicators into supervisory monitoring, and standardizing EWS triggers for timely detection of borrower credit deterioration.

This article examines the position of the Republic of Uzbekistan in the Logistics Performance Index (LPI) rankings, analyzing the key indicators that shape the index and their impact on the national transport system. The study identifies the correlation between LPI scores and the current state of Uzbekistan’s transport and logistics infrastructure, highlighting existing challenges and development opportunities. The role of LPI in enhancing the country’s transit potential within the global trade system is also emphasized. The paper concludes with policy recommendations aimed at improving Uzbekistan’s performance in the LPI rankings.

This article examines how Strategic Public Procurement (SPP) can be used to stimulate the green economy, focusing on both global practices and the specific context of Uzbekistan. Internationally, SPP has proven effective in driving sustainable innovation and reducing environmental impacts. The study analyzes best practices from the EU, OECD, and UN frameworks, and contrasts them with Uzbekistan’s current procurement system. Despite progress in green policy, Uzbekistan’s use of SPP remains limited. This paper identifies key gaps and proposes actionable reforms to align procurement with green development goals, offering a pathway to sustainable economic growth. Effective implementation of SPP in Uzbekistan could catalyze environmental innovation, support green SMEs, and reinforce the country’s commitments under the Sustainable Development Goals (SDGs). The research emphasizes the need for legal reforms, capacity building, and financial incentives to enable this transition.

In this scientific article the theoretical and methodological aspects of types of ecological tourism of Uzbekistan are considered. The classification of organizational forms of ecotourism in Uzbekistan has been structured, and prospects for developing the potential of popular types of ecological tourism in Uzbekistan have been highlighted. Four forms of cluster of ecological tourism of Uzbekistan are summarized: scientific ecotourism, educational ecotourism, recreational ecotourism and adventure - extreme ecotourism.

This article examines the impact of tourism infrastructure on Uzbekistan's economy, focusing on its content, essence, and specific indicators. Using the method of comparative analysis, it evaluates Uzbekistan's tourism infrastructure in comparison with that of a developed country like South Korea. Furthermore, the article highlights that modernizing Uzbekistan's tourism infrastructure, introducing digital innovations, and improving the investment environment are pressing issues today.

The analysis of factors influencing the investment attractiveness of the regions of the Republic of Uzbekistan includes the study of economic, social, and infrastructure indicators. Among the key factors are the availability of developed infrastructure, access to resources, government support, and the level of urbanization. The development of special economic zones (SEZ) and the improvement of the business climate also play an important role in enhancing the regions' attractiveness for investors. The study helps identify the strengths and weaknesses of the regions, which contributes to the development of effective strategies for attracting investments and stimulating economic growth in Uzbekistan.

This article examines the issues of forming an efficient securities portfolio in the capital market of Uzbekistan based on Markowitz’s mean-variance optimization model. The study uses 748 daily observations covering the period from July 23, 2022 to August 14, 2025 and forms equally weighted, minimum variance, and tangent portfolios based on the shares of six joint-stock companies actively traded on the Republican Stock Exchange “Tashkent” - three banks (Hamkorbank, Ipoteka-bank, and Ipak Yuli) and three non-bank companies (Uzbekistan Metallurgical Combine, Uztelecom, UZRTXB, and CHBSK). Portfolio performance is evaluated using the Sharpe ratio, Treynor ratio, Jensen’s alpha, and M² measure, and a comparison of banking and non-banking sector indices is carried out based on 1,000 potential portfolios using Monte Carlo simulation. The results of the study show that the tangent portfolio composed of bank shares demonstrates the highest performance (E(P) = 40.80%, σp = 4.68%, Sharpe ratio = 6.83).

This study examines the long-run and short-run relationships among international tourism, economic growth, and CO₂ emissions in Uzbekistan over the period 1991–2025. The Autoregressive Distributed Lag (ARDL) model is employed to assess the impact of international tourist arrivals on environmental quality and economic development. The findings indicate that the tourism sector plays a significant role in promoting economic growth. However, an increase in international tourist arrivals contributes to higher CO₂ emissions in the long run, confirming the existence of environmental consequences associated with tourism activities. The results of the Bounds Test reveal the presence of a long-run equilibrium relationship among the variables under investigation. The study provides important scientific and policy implications for promoting environmentally sustainable tourism development, reducing carbon emissions, and formulating green tourism policies in Uzbekistan. The findings highlight the necessity of balancing economic growth with environmental protection to ensure the long-term sustainability of the tourism sector

This article is aimed at analyzing the logistics and transport potential of Central Asian countries, with special attention to Uzbekistan's trade relations in the region. To assess the impact of logistics efficiency on bilateral trade flows, an extended gravity model including LPI indicators is estimated using panel data for 2010-2023. The empirical results show that improving Uzbekistan's logistics performance has a statistically significant and positive impact on regional trade flows, partially offsetting distance-related trade costs

This article develops a forward-looking outlook for Uzbekistan’s e-commerce market through 2035 and examines the main determinants of both growth speed and quality. It discusses key drivers such as the expansion of digital payments and e-government services, upgrades in logistics infrastructure, rising mobile internet penetration, the scaling of marketplace ecosystems, and the intensification of cross-border trade, alongside evolving regulation and consumer protection. The paper applies a scenario-based framework (baseline, accelerated, and inertial) to evaluate how macroeconomic conditions, competition dynamics in digital markets, and the adoption of data and AI technologies may reshape online retail. Special attention is paid to structural constraints, including consumer trust, cybersecurity risks, last-mile delivery performance, the digital divide, and capability gaps among SMEs. The findings aim to inform public policy design, business strategy, and academic research on Uzbekistan’s digital economy

This research examines the influence of environmental risk management (ERM) on the credit portfolio stability of commercial banks in Uzbekistan, utilising secondary data from sustainability reports, regulatory publications, and international financial institutions. The results show that banks with more advanced ERM frameworks, which include environmental screening, green lending, and sustainability governance, have lower non-performing loan (NPL) ratios and better asset quality. On the other hand, banks that don’t use ERM as much are still more vulnerable to environmental and credit risks. The study finds that integrating environmental risks into the banking system in Uzbekistan is necessary to make it more financially stable and in line with global standards for sustainable finance

This article is devoted to the analysis of the role of commercial banks of the Republic of Uzbekistan in the development of the national economy, in particular, in financing investment projects, increasing the level of employment, and implementing innovative technologies. It highlights the priority areas for the development of the banking system of such strategic documents as the "New Uzbekistan - 2030" program and the Development Strategy for 2022-2026. Also, an in-depth analysis of the main indicators of the banking system of Uzbekistan (assets, loans, capital, and deposits) was conducted. In particular, the differences between state-owned banks and other banks, their market share, and their impact on economic stability are shown based on statistical data. The analysis revealed that state-owned banks have a dominant position in the market, but other banks can compete almost equally in attracting deposits. Information on the lending activities of commercial banks and the volume of non-performing loans (NPL) was also presented, and the risks and effectiveness in this area were assessed

This article examines the digital transformation of Islamic financial instruments, the methodological framework for their implementation in Uzbekistan, and their alignment with international best practices. The study demonstrates that digital technologies including blockchain, smart contracts, tokenization, e-KYC, and API integration enhance transparency, operational efficiency, and Shariah compliance in Islamic financial operations. A comparative assessment of Malaysia, the UAE, and Saudi Arabia provides insights into the legal, technical, and methodological requirements needed to develop a national digital Islamic finance model. The findings highlight the importance of establishing digital Shariah audit mechanisms, defining the legal status of smart contracts, developing tokenization regulations, and creating a Shariah-compliant fintech ecosystem to ensure sustainable sectoral development