Modern factors of investment attractiveness of the tourism industry of Ukraine

Abstract

The purpose of the article is to analyze the current factors of investment attractiveness and identify the main trends in the development of the tourism industry in Ukraine. Russia's full-scale invasion of Ukraine on February 24, 2022 threatened not only tourism in Ukraine, but also the international tourism sector, which was just beginning to recover from the losses caused by the Covid-19 pandemic. The tourism sector, which began to recover confidently in January 2022, significantly narrowed the opportunities for full-scale growth in March 2022. Both inbound and outbound tourism in Ukraine are under threat. The tourism industry is considered as a component of the domestic economy, the main factors of investment attractiveness, development trends, the level of investment attractiveness and prospects for further development in Ukraine are identified. Ways to solve problems are proposed in order to transform the tourism sector into a highly profitable sector of the domestic economy. Sources of financing for the further development of the country's tourism industry are identified. The current state of investment activity in the tourism sector has been analyzed by studying the volumes of capital investments made in it. The development of the tourism business in Ukraine during martial law has been studied, which even ensured an increase in tax revenues to the country's budget. It has been determined that the tourism business of Ukraine requires constant investments to maintain competitive positions in the market, increase the level of satisfaction of consumer demand for services that meet world standards in terms of assortment and quality. Analysis of statistical data shows a steady trend towards a reduction in infrastructure tourism resources, and therefore the volume of services in this sector of the economy. Such a general and regional trend gives grounds to speak about the need to implement organizational and economic measures to activate activities. The potential investment opportunities of tourism business enterprises have been studied. A set of measures for state regulation and improvement of industry management in order to activate the development of the tourism business is also proposed. The state influences the activation of investment activity by developing the appropriate institutional base, without which the functioning of the investment sphere is impossible, namely: the organization of investment-oriented funds, the creation of a network of consulting firms, state scientific organizations, conducting scientific research, the creation of training centers for small and medium-sized businesses. The investment attractiveness of the tourism industry is formed under the influence of factors that are classified according to internal and external characteristics. Internal factors that are determined within the country or region, depend on the national policy and resources of the country and regions include: the macroeconomic situation in the country, the state of tourism infrastructure, the quality of labor resources in the tourism industry, the availability of tourism resources, the regulatory and legal framework of the country, social support for tourism, state policy and in the field of tourism. External factors that are determined by the external environment and are not fully controlled by the subjects of the national economy include: the global economic situation, regional geopolitical stability, the formation of demand in the international tourism market, the image of the country, the availability and conditions of external financing, global technological development, compliance with international environmental requirements. It was determined that in modern operating conditions it is necessary to form and implement an investment policy for the development of the tourism industry, which would include such important components as: mechanisms of state regulation of this industry; resource provision and preferential financing of development; organizational and functional support of management processes; digitalization, information and methodological support of the industry, development of military tourism.