One of the most important issues of ensuring the sustainable development of the national economy in the context of globalization is the effective organization of foreign economic activity.

Effective organization of foreign economic activity has a positive effect on the growth of competition in all sectors of the economy and strengthens the country's position in the world market.

So what is the main strategy in foreign economic activity? What measures are being taken to increase the country's export potential? In general, what role do effective measures play in developing financial opportunities for export prosperity?

First of all, the main strategy of our country's foreign economic activity, along with the organization of import-substituting production, should be the development of export-oriented products and their competitiveness on the world market. In turn, these processes are largely due to the comparative advantages of the Republic of Uzbekistan in its integration into the world economy over its territorial and global competitiveness, the development and implementation of foreign economic policy.

Despite the existence of intensive discussions on the structural reforms being implemented, it is important to take into account the influence of geographical, industrial, technological, and the use of the country's labor resources when developing foreign economic policy. Because an increase in the international distribution of labor requires a high level of competitiveness from participants in international financial relations.

In recent years, our country has been actively implementing economic reforms aimed at developing foreign economic activity, conducting trade and economic relations with foreign countries, as well as taking a strong place in world markets based on the production of high-quality competitive products and thereby increasing the export potential of the national economy.

The strong position of our country in the world markets and the increase in its foreign economic potential largely depend on the export capabilities of the national economy. At the same time, in recent years, special attention has been paid to the role of foreign trade in the development of the economy of Uzbekistan, in particular, in increasing its export potential. This situation can be explained by the following pressing problems: firstly, exports are the main source of foreign currency penetration, and it is necessary to purchase imported goods from abroad, replenish the country's foreign exchange reserves and ensure financial stability.

Secondly, in conditions of intense competition on the world market, it is necessary to intensify the entry of national producers into world markets with high-quality and competitive products, and, thirdly, the manifestation of the trend of rapid growth of the international capital market in relation to world trade and, accordingly, the rapid growth of financial interdependence of countries, ensuring the stability of the world economy.

It is important that at the present stage of socio-economic development of our country, regulatory and legal frameworks are being created to ensure macroeconomic stability by increasing export volumes, additional financial and organizational incentives for suppliers of finished products.

The decree of the President of the Republic of Uzbekistan “On measures to further expand financial support for export activities” dated October 21, 2020 was a clear proof of our opinion. In accordance with this decree, in order to increase the export potential of the country, a number of preferential procedures aimed at financial support of exporters were introduced. In particular, the State Business Support Fund plays an important role in increasing the financial capabilities of exporters, providing compensation for interest costs on loans in national and foreign currency, regardless of the interest rate and loan amount established by a Commercial Bank on loans allocated for pre-export financing, including working capital, as well as guarantees on loans granted for export.

The adoption on July 13, 2021 of the decree of the President of the Republic of Uzbekistan “On the further development of financial support for export activities” was of great importance in the implementation of effective measures aimed at increasing the export potential of the country and further strengthening financial support for exporting enterprises. According to him, in order to further expand the possibilities of financial support for exporters, an Export Support Fund of $ 100 million was created at a rate of 1 percent for a period of 5 years. This situation has created favorable conditions for improving the efficiency of activities by providing financial support to exporting enterprises operating in our country, providing them with preferential financial resources.

In our opinion, the development of export potential in the future and the diversification of its commodity composition are determined by two interrelated groups of factors. On the one hand, these are static factors that are characterized by comparative advantages in the field of natural resources, and as a result of their impact, attention is subsequently paid to high-tech and highly recyclable products. On the other hand, these are factors of competitive advantage that are dynamically changing due to innovations and scientific and technical achievements.

As a result of the combined action of these factors, an increase in the competitiveness of the national economy, a steady increase in exports and, in general, a stimulating effect in the development of the economy will be achieved.

It should be noted that the foreign economic activity of our country and the complex of its integration into the world economy include clearly defined goals and main measures aimed at their implementation. To do this, first of all, it is necessary to identify the industries that make up a strong export link of the national economy and ensure its worthy place in the world market, as well as widely use methods of state support in the export sector of the economy.

In this process, the expansion of production for the development of the activities of export enterprises is aimed at allocating long-term loans at preferential interest rates, attracting a wide range of investments in the implementation of projects aimed at organizing export-oriented industries, further intensification of measures aimed at stimulating export support.

In global conditions, the active participation of national farms in the universal distribution of labor becomes an important condition for their successful work.

The answer to the above question is what is the main strategy in foreign economic activity: the main strategic goals of this process are to develop foreign economic activity and increase export potential in our country – ensuring the integration of the national economy into the world economic system, increasing the export potential of the country by attracting foreign capital to the implementation of projects aimed at the production of products with high scientific potential, ensuring to the maximum extent possible the needs of the national economy in imported products through the implementation of projects aimed at the production of high-tech products, the production of export-oriented products and the attraction of foreign capital require extensive use of conditions and opportunities, created in free economic zones, and further development of the infrastructure of foreign economic activity.

Summing up, it should be noted that additional measures aimed at stimulating export enterprises in the national economy and expanding exports of competitive products, attracting foreign direct investment and integration into the world economy will serve as an important factor in achieving sustainable economic growth in this direction.

Jasurbek Ataniyazov

Professor of the Tashkent Financial Institute.

UzA