Investment attractiveness of the Ukrainian tourism system
Authors: Boiko Margarita , Bosovska Myroslava , Vedmid Nadiia , Bovsh Liudmila , Okhrimenko Alla 
Published: November 2018

Global and crisis transformations result in structural and functional changes in the tourism system, which combines resource potential, infrastructure, tourism entities, institutional structures, and consumers. For Ukraine, with its high tourist potential, tourism development is a significant factor after the crisis recovery of the economy. Overcoming the disparities in the tourism system functioning, shaping optimal business models of its development, increasing the sustainability and efficiency of the tourism entities functioning impose an objective need for investment. Investment attractiveness is one of the key characteristics causing the investor’s interest in financing the project, including the tourist one.The essence, determinants of influence and characteristic features of investment attractiveness of the Ukrainian tourism system are substantiated. The investment attractiveness of the tourism system is proposed to be considered as a complex feature of conditions and advantages that form its ability to attract investment resources based on the availability of their needs, unique tourist potential, favorable environment for ensuring the efficient functioning of the tourism system and guaranteeing the investor profit and reduced risks of investing.The article considers basic preconditions to form the investment attractiveness of the tourism system, which include unique strategic opportunities, to shape a favorable institutional environment and provide a background for an investor concerned and a system of guaranteeing the expected result.Given the need for complex consideration of the tourism system’s investment attractiveness, a methodology based on the calculation of integrated indicators for estimating the effectiveness and prospects for the development of tourism systems in the Ukrainian regions is used. In the method considered, it is proposed to take into account not only financial aspects, but also the resource potential, its development level, the growth rates of tourism entities activities, and the prospects for the tourism system development. In general, indicators and criteria for the tourism system investment attractiveness are classified into four groups: the efficiency of investment, the effectiveness of the tourism system development, the prospects for the tourism system development, the environment and the potential for its development.According to the method developed, the integral indicator of investment attractiveness of the tourism systems of Ukrainian regions has been calculated, and the regions are differentiated according to the level of investment attractiveness. Estimation of the investment attractiveness of Ukrainian tourism systems allows to determine their rating, differentiate them according to the maturity level of complementary preconditions to form and develop tourist potential and serves as a basis for potential investors in investment decisions-making.Using the results of determining the level of investment attractiveness of tourism systems of Ukraine’s regions over time will help identify trends, and, accordingly, serve as a guide for potential investors in strategic proposition space of regions which are investment recipients.