THE ROLE OF INTERNATIONAL EXPERIENCE IN THE DEVELOPMENT OF FACTORING IN UZBEKISTAN

Abstract

It is clear from the world global experience that the role of factoring in expanding a country’s access to exports and international markets is invaluable. In this regard, direct cooperation of companies that are not directly related to factoring activities, and especially with external factoring associations, is one of the important steps for the development of internal and external factoring. The role of international practice in the development of factoring operations in our country is also invaluable immeasurable. In particular, cooperation with large factoring companies (associations) would serve as a solution to existing problems in this area. The results outcomes achieved from of our analysis show that factoring operations did not have a significant impact on the growth of factoring operations in the world after the global financial crisis of 2007– 2009 and the fall in oil prices and other economic indicators in 2014–2016. But the SARS-CoV-19 pandemic, which began in 2019, led to a sharp reduction in factoring operations around across the world. In this article, we have reviewed international regulatory documents on factoring, as well as the process of integration of our commercial banks with international factoring companies and the global factoring turnover from an analytical point of view. In conclusion, based on the analysis of the development of factoring in the world over the past eleven years, we have presented our conclusions and recommendations on factors affecting the development of factoring in Uzbekistan, and as well as the ways to of solve addressing them.