Publication Details
Abstract
The article provides a quantitative assessment of the impact of investments, including green investments, on the sustainable diversification of the regional economy of Uzbekistan. The empirical analysis is based on a fully balanced panel of 14 administrative-territorial units for 2019–2025 (98 observations) built on official data of the National Statistics Committee. Pooled OLS, fixed-effects and random-effects specifications with region-clustered standard errors were estimated, and the choice between estimators was made using the Hausman test. The elasticity of gross value added with respect to fixed-capital investment was found to be stable in the range of 0.83–0.91 and significant at the one percent level, while a higher share of foreign financing produced no additional independent effect. A confirmatory cross-sectional block demonstrated an almost functional correspondence between the Regional Green Investment Attractiveness Index (RGIAI) and the actual volumes of attracted green investments across regions (Spearman ρ = 0.943; p = 0.005 when the capital city is excluded). The results substantiate the need for institutional mechanisms that ensure not only the volume but also the green orientation of regional investment flows.