THE IMPACT OF INVESTMENTS IN RENEWABLE ENERGY ON ECONOMIC GROWTH AND THE COMPETITIVENESS OF ECONOMIC SECTORS IN UZBEKISTAN

Abstract

Abstract: The development of renewable energy has become an important factor in promoting sustainable economic growth, strengthening energy security, and improving the competitiveness of national economies. This article examines the impact of investments in renewable energy on economic growth and the competitiveness of major economic sectors in Uzbekistan. Particular attention is given to solar and wind power, the modernization of energy infrastructure, the attraction of domestic and foreign investment, and the development of energy-efficient technologies. The article analyzes the potential benefits of renewable energy investments for industrial production, agriculture, transport, and the service sector. It also considers major challenges, including high initial investment costs, grid infrastructure limitations, energy storage requirements, and regulatory issues. The study argues that a well-designed renewable energy investment strategy can reduce long-term energy costs, create employment opportunities, attract foreign capital, and strengthen the international competitiveness of Uzbekistan's economy. Policy recommendations are proposed to improve the investment environment and accelerate the transition toward a sustainable energy system.