WAYS TO EFFECTIVELY USE INVESTMENTS AT ENTERPRISES IN UZBEKISTAN

The article examines a key problem of Uzbekistan’s modern economy — the gap between large‑scale investment injections and the low final return in terms of productivity and exports. Based on an analysis of practical cases and official data, the main reasons for inefficiency are identified: outdated management methods, a lack of linkage between investments and market results, and weak integration into global value chains. Solutions are proposed: introduction of digital management tools, shifting from supporting any investment to selecting effective projects, and reforming corporate governance at state‑owned enterprises.