Year: 2024
Type: article
Abstract: The article examines the importance of institutional support for attracting investments in the development of Ukraine's tourism sector. The aim of the study is to analyze, systematize, clarify, and improve the institutional aspects of attracting investments for the development of the tourism sector. Attracting investments is considered a key element for ensuring sustainable development and enhancing the competitiveness of the industry. Investments enable the modernization of infrastructure, improvement of service quality, expansion of the range of tourism products, and an increase in service levels. This contributes to the growth of tourist flows, the creation of new jobs, an increase in regional income, and the improvement of the country's economic condition. The study focuses primarily on institutional support as a system of legal, economic, organizational, and social mechanisms that promote investment attraction. It examines both formal and informal institutions that influence the investment climate, including government support programs, legislative initiatives, partnerships, and local culture. The role of the state in creating favorable conditions for investors through clear legislation, tax incentives, government programs, and investor support is analyzed. The significance of financial instruments such as grants, subsidies, and tax incentives in stimulating investment activity is highlighted. Directions for institutional support necessary for the development of the tourism sector at the regional level are discussed. These include environmental, informational-marketing, infrastructural, institutional-legal, and other areas that contribute to the sustainable development of regions and enhance their tourism attractiveness. Key measures such as the conservation of natural resources, promotion of tourism products, modernization of infrastructure, and implementation of new technologies are addressed. It is justified that effective institutional support creates a stable, predictable environment for investors, contributes to the sustainable development of the tourism industry, and enhances Ukraine's international attractiveness as a tourist destination.
Source: Innovation and Sustainability
Author: Natalia BILETSKA
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405081528