Foreign investments in the economic security system
Abstract. The article deals with the issue of the effectiveness of the use of foreign investment resources to ensure economic development from the standpoint of the economic security theory. The necessity of assessing the impact of foreign investment on the main indicators of the economic security is noted. Based on the analysis of statistical data for 119 countries of the world, it is concluded that there is no real significant impact of foreign investment on the welfare, innovation and competitiveness of the national economy, as well as on human development. This conclusion is supported by the results of the analysis of the relationship between the dynamics of the main macroeconomic indicators and the dynamics of foreign investment in the Republic of Tajikistan as one of the countries where the investment policy involves the use of foreign investment as the main investment resource. To determine reasons for the lack of such a relationship, the analysis of the structure of foreign investments in Tajikistan is made and it is determined that investments are concentrated exclusively in the extraction of raw materials and financial intermediation, that does not involve the production of high-value products. It was also determined that in Tajikistan foreign investments do not go to priority sectors, the development of which determines the development of the economy as a whole and ensuring the economic security. The conducted SWOT-analysis of the impact of foreign investment on the economy of the Republic of Tajikistan showed that a large number of threats to the country`s economic security arise as a result of the infusion of foreign capital with a relatively low level of positive impact. It was concluded that it is necessary to make changes in the existing investment policy in order to ensure the neutralization of threats arising from the large-scale use of foreign investment, and to enhance the positive impact of their use.
Keywords: foreign investment, economic security, state investment policy, priority sectors of the economy, national interests, economic development, threats to economic security, government investment
Highlights:
♦ the issue of the impact of foreign investment on the system of economic security of the state was considered;
♦ an analysis of the interdependence of the volume of foreign investment and indicators of economic security was made;
♦ it is determined that foreign investments in practice have an extremely insignificant positive impact on the economy, contributing to the emergence of threats to the economic security;
♦ measures to improve the state investment policy in order to prevent the negative impact of foreign investment were proposed.
Nadezhda Yu. Blinichkina, Pavshan A. Karimov - Tajik State University of Law, Business and Politics, Khujand, Republic of Tajikistan