CC BY
4
Shukurov I. associate professor Samarkand institute economics and service
Umarova M. master degree
Samarkand institute economics and service
INTERNATIONAL ASPECTS OF EFFICIENCY OF TOURISM
INVESTMENT
Abstract: The article describes the international aspects of investment effectiveness in the field of tourism, in which the investment process of the European countries in the field of tourism and their conditions and opportunities are covered in detail.
Keywords: Hotel, industry, investment, tours, travel, infrastructure, economy.
Currently, the tourism industry is a powerful driving force for the development of world economic processes. According to the WTO, there are six regions of the world tourism market, including Europe, Asia-Pacific, America, South Asia, Africa and the Middle East, among the directions for the development of international tourism. In each of these regions, there are developed countries of tourism growth. As for 2020 and 2021, 415 million international trips were made in 2021, which is 4% more than in 2020, which means that the number of international trips has decreased by 72% compared to 2019. According to the UNWTO report, the largest number of arrivals in 2020 were recorded in the Caribbean (+63%), the Mediterranean (+57%) and Central America (+54%) [6]. Also, according to UNWTO data, the economic contribution of tourism to the world gross domestic product in 2021 will be 1.9 trillion. dollars, which is 19% more than in 2020 and 46% less than in 2019. In 2021, an average of $1,500 was spent per tourist on a trip, while in 2020 it was $1,300, a 15.5 percent decrease [6]. In order to determine the factors of the creative impact of tourism investments, there are very few studies related to the analysis and calculation of indicators on tourist flows and incomes, because they do not have a complete picture of the relationship between the entrepreneurial situation of the regions and the enterprises' investment activity, and the goal of the tourism sector is to accelerate the development of time and regions and entire countries. For example, the purpose of business tourism is to establish international and domestic business relations, primarily between countries, to form a competitive infrastructure that requires investments with maximum profitability and efficiency for its development under the influence of external and internal factors. according to the level of investment activity of regions [5]. In the economy of a number of foreign countries, tourism expenses directed at
visiting tourist exhibition facilities are currently the most important lever and mechanism of budget formation at the local level and in the world economy. The World Economic Forum (WEF) annually assesses the competitiveness of the tourism industry. The study is formalized with a corresponding report containing the competitiveness index (t&t ) calculated for the economy of about 150 countries. The calculation of the index includes 90 parameters combined into a number of groups in certain areas. In order to create favorable conditions for further development of tourism (travel sector), it is considered one of the areas of assessment of its attractiveness.
According to the results of the research, the analysts of the World Economic Forum (WEF) said that the most attractive countries for tourism investment are Switzerland, Austria and Germany, with an index of 5.68; 5.46 and 5.41 points respectively. Russia took 39th place in this ranking, although it was 20th in terms of natural and cultural resources, 105th in attracting investment in tourism and only 98th in security [ 1]. In March 2022, the Government of the Russian Federation approved amendments to the legislation aimed at increasing the sustainability of tourism infrastructure facilities, which will allow tourism investors to put them into use as soon as possible. This is primarily due to the abolition of the current administrative permits, which can provide a "green corridor" for investment projects in the tourism industry and operational cooperation in making investment decisions. In addition, for the low cost and attractiveness of domestic tourism, the sale of tourist trips with the help of cashback has been revived, which allows a partial return of funds for the trip.
Within the framework of the "Tourism" project, various discounts are offered to tourists on domestic trips, including purchases of trips on motor ships and rail trips. Despite the similar approach to the development of domestic tourism, the problems of investment effectiveness should be the focus of attention of all countries. Investment efficiency issues should be considered in the context of different world forces, not only in terms of the impact of the pandemic and compensation for the losses of investors due to the change in the direction of tourist flows, but also based on a comparative analysis. [2]
The effectiveness of investment investments should be considered as the most important levers of the management mechanism of this process, starting from the study of the investment environment and innovation potential. As the object of analysis, we choose countries such as the United States and China. The United States of America is a highly developed economy and tourism industry. In addition, the United States, like Russia, is a regionally differentiated country. The similarity with the Chinese economy is that China is a country that is rapidly increasing its economic potential in the direction of tourism development and the competitiveness of tourism products that meet international standards. Most of the investment performance evaluation methods used to develop the investment potential of the tourism industry in America can be conditionally divided into the following components: direct and indirect financial methods, as
well as non-financial methods. In practice, these methods of investment efficiency may vary according to local characteristics. In a separate state, individual conditions are drawn up for each investor depending on the cost of investment in the direction of tourism development and its efficiency. For example, investments aimed at the development of tourist objects of priority for the state can use the preferential investment regime, and their effectiveness will be much higher. The priority directions of tourism business are the areas that can create the greatest effect for a given country (region) and thereby create a synergistic effect. Much attention is paid to the process of attracting foreign investors to the country. To date, several thousand special programs have been proposed by state governments to promote economic development, including the tourism industry. These programs provide various incentives for foreign investors. These various incentives are to be implemented in the so-called "enterprise zones" of which there are about one and a half thousand in the United States. In America, the method of information advertising is used to increase the efficiency of investments, which gives investors the right to choose the direction of investment that has the best results for them - these are public and private investments.
This investment financing tool is especially typical for the transport infrastructure of large tourist centers and other large tourism projects. Regarding the effectiveness of investment in tourism in China, foreign investment, which usually imports the latest technologies, has a special place in this process. China is not neglecting its development to invest in tourism and other sectors that make up the country's economic potential. A special place was given to the promotion of attracting foreign capital, and even large-scale measures were developed in the field of direct state investment. In the 1980s, the creation of special economic zones in China began, a tax regime was established, which is characterized by particular liberalism, especially in the opening of new tourist facilities, their efficiency is determined by the first importance. They even started to create special sites such as madeinchina.com, which reflect the country's investment opportunities and investment efficiency [3].
Another way to increase the efficiency of investments and increase the investment attractiveness of regional entities was the method of clustering in the tourism industry, which is widely used in America, Asia-Pacific countries, and Europe. Cluster technologies have high investment potential and, accordingly, investment efficiency, because the formation of tourism cluster infrastructure provides the investor with the necessary resources at all stages of its development, operation and full maturity. The effectiveness of investing in such integrated structures is characterized by a low level of risk, since there are no many administrative and financial barriers. In this context, the experience of clustering in Austria is interesting, where investment resources are concentrated and distributed among the most important areas of tourism development, and investment efficiency is supported by the organization of competitiveness
centers. An important aspect of the development of integrated structures such as tourism clusters is that not only large investment projects are supported, but also medium and even small tourism businesses that do not play a decisive role, especially small accommodation facilities., but it is distinguished by deep processes of development of the tourism business, which is the core of the cluster, by obtaining benefits for cluster structures and a stable accommodation services market.
If we try to take into account the positive experience of increasing the effectiveness of investments in the tourism industry, then it is understood, first of all, from the point of view of directing efforts to the sphere of state support for investments. For example, in the United States of America, from the federal level to the level of individual regions or tourist areas, there is sufficient investment potential and investment activity of investment objects.
The state strategy should be built in such a way that it allows influencing the resource, financial and other key markets that can ensure the profitability of the main business processes of the tourism industry. The implementation of state policy measures in the field of tourism investments also implies the improvement of the legal framework and tax regulations, which enable the activation of the business activities of private business entities, the activation of the investment of large companies in the development of tourism and its leading sectors. [4]
In order to evaluate the effectiveness of capital investments in the tourism sector, the experience of Turkey, which creates special economic zones for renting vacant areas on the Mediterranean coast, is of great importance in order to develop tourism in the direction of building hotels and hotels. (international class hotels with preferential lending and rent relief).
The experience of establishing free economic zones on the coast of Turkey and developing tourism based on preferential investment processes has shown the effectiveness of using the advantages of the country's geographical location and attracting foreign capital. In other words, bureaucratic formalities are reduced to a minimum level in the process of assessing the efficiency of investments, attracting private foreign investors, redistributing profits and transferring them to another country. There are also many relaxations in the field of taxation, including customs regulation, price fixing, attracting qualified specialists of the hotel business from foreign countries, where the development of chain hotels is widely popular. Turkey's experience is also interesting in terms of promoting regional development and attracting tourism business to investment activities.
The Egyptian government uses a special taxation system to invest in tourism development, according to which investors are exempted from paying taxes for ten years from the date of the initial investment, and the reconstruction or expansion of tourist facilities is exempted from paying taxes. even local cultural attractions, exhibition objects for tourists. In the state of Panama,
tourism-oriented investments are also exempted from duties and related taxes for a period of 20 years. Even in an island country like Barbados, which is considered the center of world tourism, measures are being taken to develop tourism and increase the efficiency of investment. In 2003, the Law "On Investment Enterprise" was adopted here, and its implementation led to a large-scale increase in investments in the tourism sector. In six years, due to this Act, investments of 800 US dollars were attracted to the island of Barbados. Bulgaria, Montenegro, Baltic countries deserve the experience of attracting investments in tourism and evaluating their effectiveness in former socialist countries with similar economic development. Foreign investment projects proposed for implementation in Bulgaria are reviewed and evaluated in detail by the Directorate General for Foreign Investments under the Office of the President of Bulgaria Rumen Radev. At the same time, the tourism sector, technological level and environmental safety, as well as the geographical composition of tourist areas, resource potential, financial opportunities and profitability are used as criteria of investment effectiveness. Most machinery and equipment imported to Bulgaria as part of foreign investment are exempt from customs duties. For the benefit of specialized funds engaged in the installation and installation of equipment for an investment project, a five percent tax is levied only on imports. In Bulgaria, capital investments in tourism industry projects with an "incentive certificate" are also exempted from local corporate tax, sometimes even completely.
The experience of investing in the tourism sector of Montenegro is interesting, where public loans are widespread. The loan amount is determined as a percentage of the total amount of invested capital:
•capital investments in world-class tourist centers - 40%;
•capital investments in tourist areas - 30%;
•capital investments in construction projects of small residential facilities, including dormitories - 15%.
The above system of benefits applies only to projects with a "state-supported blue flag", which means that, according to the Montenegrin government, they can contribute to the development of tourism in general or a particular tourist region. Therefore, it is important to follow the main directions of the country's socio-economic development strategy, to develop tourism in a sustainable manner. In a number of countries, in particular, in the Baltic countries, special investment funds (SIF) are being established in order to create conditions for investment entrepreneurship in the banking sector. Business activity in a certain region of the country, their rates are strictly different. The same process of attracting foreign investors to the hotel business as the most important component of tourism is being implemented in the Republic of Belarus. A distinctive feature of investment business in this country is the exemption of hotel services from corporate income tax for a period of 3 years. In this republic, any foreign investor can participate in investing in tourism
infrastructure, as well as carry out joint business activities in the field of tourism on the basis of franchising, or establish joint ventures with Belarusian investors without facing significant bureaucratic obstacles. In Georgia, another former Soviet republic, as well as in Belarus, there may be efficiency-oriented forms of investment, such as franchising, syndication, or contract management, in the tourist complex. New forms of investment in tourism infrastructure and hotel business have appeared in Georgia.
Thus, in the context of the proposed methodological approach, further development of the methodology for studying the effectiveness of investments in tourism implies the formation and development of the methodology for evaluating the effectiveness of economic and social direction under the pressure of external sanctions.
References:
1. Avdeeva, EA Domestic and foreign experience of attracting investments in the field of tourism at the local level / EA Avdeeva. - Text: directly // Young scientist. - 2016. - No. 22 (126). - S. 132-134.
2. Stimulation of investment activity in Zimin AND Region // Current problems of humanities and natural sciences. - 2015. - No. 12-3.
3. Investments: textbook for students studying "Finance and credit" / [MV Chinenov and others]. - 3rd edition, stereotypical. - Moscow: KnoRus, 2020. -364 p.
4. Cahill, M. Investment Analysis and Business Valuation: Textbook: TRANS. from English. / M. Cahill.- M.: DiS, 2018. - 432 p.
5. Levchenko KK, Levchenko TP Development of inbound tourism and its impact on the regional economy: monograph / KK Levchenko, TP Levchenko.-Moscow: RUSSIGNS, 2021.-116 p. 6. TRAVEL & TOURISM ECONOMIC IMPACT 2019 WORLD - UNWTO Report: International Tourism in 2021.
