THE ROLE OF BUSINESS ASSOCIATIONS IN IMPROVING THE INVESTMENT CLIMATE: EVIDENCE FROM UZBEKISTAN

The formation of a positive investment climate is essential for sustainable economic development and capital attraction, both locally and internationally. Recently, business associations have been increasingly influential. They actively contribute to the development of the business environment, protect the interests of businessmen, build connections between the business community and authorities, and promote changes in the regulatory environment. While the importance of business associations increases significantly, there is a lack of scientific research about the real influence of these associations on the investment climate in the Republic of Uzbekistan. The goal of the present paper is to estimate the contribution of business associations to the improvement of the investment climate in Uzbekistan and to find out in what ways business associations affect the attractiveness of the investment environment. This paper employs a qualitative, document-based research design, combining analysis of scientific literature, policy and legal documents, and institutional materials with a case study of Uzbekistan's Chamber of Commerce and Industry (CCI). The findings indicate that CCI contributes to Uzbekistan's investment climate primarily through two mechanisms: participation in tripartite social dialogue, which allows it to shape and communicate labor-related regulatory reform to businesses, and the operation of dispute-resolution infrastructure through the Tashkent International Arbitration Center, which directly addresses investor concerns over reliable dispute resolution. It is our recommendation that through building up the institutional power and scope of business associations, Uzbekistan will be able to further improve its investment environment.