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International Experience in Providing the Institutional Framework for Attracting Investments for the Development of the Tourism Sector
Biletska N. V.

Biletska, Natalia V. (2024) “International Experience in Providing the Institutional Framework for Attracting Investments for the Development of the Tourism Sector.” Business Inform 10:252–259.
https://doi.org/10.32983/2222-4459-2024-10-252-259

Section: Economics of Trade and Services

Article is written in Ukrainian
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UDC 338.48:332.145.2

Abstract:
The article considers the institutional support for attracting investments in the development of the tourism sector. The article is aimed at analyzing, systematizing, generalizing and improving the existing institutional support for attracting investments for the development of the tourism sector. A comprehensive analysis of international experience is presented, which made it possible to identify the key factors contributing to the sustainable development of tourism industries in different countries. The study substantiates the need to create a favorable investment climate, intensify State regulation, attract private investors and support local communities. Examples of successful models of institutional support from different countries, including Singapore, Israel, France and the United Arab Emirates, demonstrating the efficiency of public-private partnerships, legislative and regulatory support, are provided. It is found that investment agencies and institutions, as well as education and research in the field of tourism, play an important role in the development of the tourism sector. The study revealed that without an integrated approach that includes institutional, economic and social mechanisms, the development of the tourism sector in Ukraine can be slowed down. Elements of the institutional basis are proposed, which cover legal, economic, social and organizational aspects that ensure the efficient development of the industry. In particular, the legislative framework, State support, partnership institutions, a favorable investment climate and human capital development are important elements. It is noted that the efficient functioning of all these elements ensures the formation of a sustainable and competitive tourism industry, which is able to attract investments, develop in the long term and contribute to the economic growth of the country. The importance of adapting the best practices of international experience in Ukrainian realities to improve institutional support, attract new investments and increase the competitiveness of the tourism sector has been substantiated. It is determined that the efficient implementation of institutional approaches will overcome existing barriers, contribute to economic growth and increase the well-being of the population.

Keywords: tourism sector, tourism sector development, investment attraction, institutional support, sustainable development, competitiveness.

Fig.: 1. Tabl.: 1. Bibl.: 8.

Biletska Natalia V. – Candidate of Sciences (Economics), Associate Professor, Professor, Department of Taxation, Finance and Entrepreneurship, Vinnytsia Institute of Designing Clothes and Entrepreneurship Institute of Designing Clothes and Entrepreneurship (7 Kosmonavtiv Ave., Vinnytsia, 21021, Ukraine)
Email: [email protected]

List of references in article

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Yarovyi, V. F. “Sutnist ta vdoskonalennia instytutsiinoho zabezpechennia rozvytku turystychnoi haluzi na rehionalnomu, natsionalnomu ta mizhnarodnomu rivniakh“ [The Essence and Improvement of Institutional Support for the Development of the Tourism Industry at the Regional, National and International Levels]. Hlobalni ta natsionalni problemy ekonomiky, no. 15 (2017): 156-159.
Bil, M. M., and Krainyk, O. P. Mekhanizm derzhavnoho upravlinnia turystychnoiu haluzziu na regionalnomu rivni: teoretyko-prykladnyi aspekt [The Mechanism of State Management of the Tourism Industry at the Regional Level: A Theoretical and Applied Aspect]. Lviv: LRIDU NADU, 2011.
Kryvenkova, R. Yu. “Zarubizhnyi dosvid formuvannia turystychnoho potentsialu“ [Foreign Experience in the Formation of Tourism Potential]. Derzhavne upravlinnia: udoskonalennia ta rozvytok, no. 4 (2019). DOI: https://doi.org/10.32702/2307-2156-2019.4.41
Dmytryshyn, L. I., and Havdei, S. V. “Zarubizhnyi dosvid zabezpechennia rozvytku turystychnoho sektoru v umovakh pandemii“ [Foreign Experience of Ensuring the Development of the Tourism Sector in the Conditions of a Pandemic]. Prychornomorski ekonomichni studii, no. 70 (2021): 19-24. DOI: https://doi.org/10.32843/bses.70-3
Yurchenko, N. I. “Dosvid providnykh krain svitu shchodo formuvannia derzhavnoi polityky i spryiannia rozvytku haluzi turyzmu Ukrainy“ [The Experience of the Leading Countries of the World Regarding the Formation of State Policy and the Promotion of the Development of the Tourism Industry in Ukraine]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu, no. 16 (2017): 179-183.
Sira, E. O., and Holubets, I. M. “Pisliavoienne vidnovlennia turyzmu v Ukraini“ [Post-war Recovery of Tourism in Ukraine]. Ekonomika ta upravlinnia pidpryiemstvamy, no. 68 (2022): 155-158. DOI: https://doi.org/10.32782/infrastruct68-27
Myronov, Yu. “Shliakhy pisliavoiennoho vidnovlennia industrii turyzmu v Ukraini“ [Ways of Post-war Restoration of the Tourism Industry in Ukraine]. Visnyk Lvivskoho torhovelno-ekonomichnoho universytetu. Ekonomichni nauky, no. 71 (2023): 64-68. DOI: https://doi.org/10.32782/2522-1205-2023-71-09

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