Strategy for the Development of the Investment Potential of the Tourism Industry of Ukraine in the International Economic System
Abstract
The purpose of this study is to establish a robust strategic framework for the development of investment potential within Ukraine’s tourism industry during the post-conflict period. The methodology involves a systematic approach encompassing literature review, conceptual framework development, measurement of corporate responsibility, creation of indicative indicators, implementation stages, and cross-border cooperation. As a result, the article presents a model of the functional platform of the international economic system, which forms the concept of the State’s investment policy on the basis of corporate socio-economic responsibility and implements the strategy of development of the tourism industry. From the standpoint of a holistic view of the strategic development of the investment potential of the tourism industry, the range of measurement of corporate socio-economic responsibility of joint investment institutions and their partnerships is presented. A methodical approach to the formation of indicative indicators of the first and second levels, which activate the investment development of the tourism industry in the regions of the country, has been developed. The stages of implementation of measures for the strategic development of the investment potential of the tourism industry in the context of international turbulence are presented. The developed proposals can be successfully implemented when planning programs for the development of the tourism industry of Ukraine on the basis of cross-border cooperation of regional associations, in order to support the national economic system of Ukraine.
References
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[44] Tymoshenko, T. (2021). The Concept of Smart Tourism Management in the Framework of Implementing Sustainable Development Strategies for Territorial Communities. Public Administration and Regional Development, 13: 771-796. DOI: 10.34132/pard2021.13.10
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[47] Law of the Ministry of Economic Development and Trade of Ukraine No. 1902 “On the approval of the plan of measures for the implementation of the Strategy for the development of tourism and resorts for the period until 2026 in 2018”. (2017). Available at: https://zakon.rada.gov.ua/rada/show/v1902731-17#Text
[48] Order of the Cabinet of Ministers of Ukraine No. 168-p “On the approval of the Strategy for the development of tourism and resorts for the period until 2026”. (2017). Available at: https://zakon.rada.gov.ua/laws/show/168-2017-%D1%80#Text
[2] Amosha, O., Bilopolskyi., M. and Mykytenko, V. (2018). Structural Transformations of the Economy: World Experience, Institutions, Strategies for Ukraine. Kyiv: Institute of Industrial Economics of the National Academy of Sciences of Ukraine.
[3] Apakhayev, N., et al. (2017). Current Trends of Legal Regulation of Relationships in the Social Protection Sphere. Man in India, 97(11): 221-231.
[4] Baron, D. (2001). Private Politics, Corporate Social Responsibility, and Integrated Strategy. Journal of Economics and Management Strategy, 10(1): 7-45. DOI: 10.1111/j.1430-9134.2001.00007.x
[5] Chernyatevych, Y., Mokretsov, S. and Korolchuk. O. (2019). Turbulence in the Socio-Economic System of Ukraine. In: Materials of the XIII Scientific and Practical Conference with International Participation, dedicated to the Memory of Andrii Volodymyrovych Reshetnichenko “Problems of Managing Social and Humanitarian Development” (pp. 139-142). Dnipro: Dnipropetrovsk Regional Institute for Public Administration, National Academy for Public Administration under the President of Ukraine.
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[10] Gribova, D. (2020). Development of Tourism Business in Ukraine: Theory, Methodology, Practice. Melitopol: Lux.
[11] Kalaganov, B., et al. (2018). Legal Fundamentals of the Kazakhstan’s Environmental International Cooperation: New Vectors of Legislative Reforms. Journal of Environmental Management and Tourism, 9(7): 1525-1538. DOI: 10.14505/jemt.v9.7(31).16
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[13] Kerimkhulle, S., et al. (2023). Using Technical and Structural Coefficients of Economic Statistics to Equalize Flows of Input-Output Table. Lecture Notes in Networks and Systems, 596: 501-511. DOI: 10.1007/978-3-031-21435-6_44
[14] Kliuchnyk, A., Prohoniuk, L., Galunets, N. and Husenko, A. (2023). Public Policy in the Management of the Tourism Sector at the Level of Territorial Communities. Scientific Bulletin of Mukachevo State University. Series “Economics”, 10(3): 22-32. DOI: 10.52566/msu-econ3.2023.22
[15] Kuklik, K. (2011). Project Financing as a Factor Contributing to the Development of Enterprises through the Implementation of Investment Projects. Scientific Works of NUHT, 39: 66-70.
[16] Lee, J. W. (2020). CSR Impact on the Firm Market Value: Evidence from Tour and Travel Companies Listed on Chinese Stock Markets. Journal of Asian Finance Economics and Business, 7(7): 159-167. DOI:10.13106/jafeb.2020.vol7.no7.159
[17] Leonow, A., et al. (2019). Application of Information Technologies in Marketing: Experience of Developing Countries. Espacios, 40(38). Available at: http://www.revistaespacios.com/a19v40n38/a19v40n38p24.pdf
[18] Makedon, V., et al. (2020). Use of Rebranding in Marketing Sphere of International Entrepreneurship. International Journal of Entrepreneurship, 24(1): 1-8.
[19] Makedon, V., Krasnikova, N., Krupskyi, O. and Stasiuk, Y. (2022). Arrangement of Digital Leadership Strategy by Corporate Structures: A Review. Ikonomicheski Izsledvania, 31(8): 19-40.
[20] Makukh, T., and Stechyshyn, T. (2009). Investment Potential as a Factor in Increasing the Efficiency of the Use of Financial Resources. Finances of Ukraine, 9: 67-77.
[21] McWilliams, A., and Siegel, D. (2001). Corporate Social Responsibility: A Theory of the Firm Perspective. Academy of Management Review, 26(1): 117-127. DOI: 10.5465/AMR.2001.4011987
[22] Melnyk, T., and Kasianok, K. (2017). Problems of Attraction and Use of International Investments in Ukraine Economy. Marketing and Innovation Management, 1: 253-270. DOI: 10.21272/mmi.2017.1-23
[23] Melnyk, T., Kasianok, K. and Diachenko, O. (2018). Geostrategic Matrix of Foreign Direct Investment Redirection. Scientific Bulletin of Polissia 1(13): 33-41. DOI: 10.25140/2410-9576-2018-1-1(13)-33-41
[24] Mozgovyi, O., Rudenko-Sudareva, L., Rudenko, Y. and Krysyuk, R. (2015). International Investment Processes in the Conditions of the Global Economic Crisis. Kyiv: Kyiv National Economic University.
[25] Oleshko, A., Novikov, D. and Petrivskyi, O. (2023). Business Corporate Social Responsibility in the Economic Recovery of Ukraine. Baltic Journal of Economic Studies, 9(3). DOI: 10.30525/2256-0742/2023-9-3-162-166
[26] Petkova, L. (2012). Diversification of International Investment Strategies in the Context of Global Structural Changes. Financial Space, 4(8): 45-48.
[27] Pokatayeva, K. (2009). Investment Activity of Enterprises in the Global Environment: Methodical Toolkit of Management. Kharkiv: Kharkiv National Automobile and Highway University.
[28] Puzyrova, P. (2022). European Integration Strategy for Tourism Development of Ukraine. Management, 2(36): 68-78. DOI: 10.30857/2415-3206.2022.2.6
[29] Radchenko, O., and Horbachenko, S. (2021). Strategy for the Development of the Tourism Industry of Ukraine in Conditions of Uncertainty. Economy and Society, 24. DOI: 10.32782/2524-0072/2021-24-31
[30] Ruda, M., and Mazurik, M. (2021). Cooperation between Ukraine and the EU in the Field of Sustainable Development: Overview of Perspectives. Management and Entrepreneurship in Ukraine: Stages of Formation and Development Problems, 3(1): 204-211.
[31] Rudenko-Sudarіeva, L., and Krysyuk, R. (2015). Modern Factors of Development of International Investment. Independent Auditor, 14(IV): 27-35. Available at: https://ir.kneu.edu.ua/server/api/core/bitstreams/554df2ec-23de-4cc6-b134-6223d815d9f4/content
[32] Ryabih, D. (2008). Procedures for Evaluating Investment Projects in Project Financing. Financial Market of Ukraine, 9: 73-183.
[33] Serhiienko, O., and Baranova, V. (2022). Analysis of Investment Attractiveness of Ukraine’s Tourist Industry. Financial and Credit Systems: Prospects for Development, 1(4): 50-62. DOI: 10.26565/2786-4995-2022-1-05
[34] Shandrivska, O., and Yunko, I. (2021). Implementation of Circular Economy based on European Experience. Management and Entrepreneurship in Ukraine: Stages of Formation and Development Problems, 2(6): 280-289.
[35] Shayakhmetova, L., Maidyrova, A. and Moldazhanov, M. (2020). State Regulation of the Tourism Industry for Attracting International Investment. Journal of Environmental Management and Tourism, 11(6): 1489-1495. DOI: 10.14505/jemt.v11.6(46).19
[36] Smochko, N., Luzhanska, T. and Molnar-Babilya, D. (2022). The Role of Tourist Information Centers in the Regional Strategic Development of the Region. Economic Forum, 12(1): 11-20. DOI: 10.36910/6775-2308-8559-2022-1-2
[37] Sorochyshina, N. (2018). State Policy in the Sphere of Attracting Investments for Innovative Activities. Scientific Notes of Taurida National V.I. Vernadsky University. Series “Public Management and Administration”, 29(1): 152-160.
[38] Trusova, N., et al. (2020). Innovative Clustering of the Region in the Context of Increasing Competitive Positions of the Enterprises of the Tourist-Recreational Destination. GeoJournal of Tourism and Geosite, 31(3): 1126-1134. DOI: 10.30892/gtg.31326-549
[39] Trusova, N., et al. (2022a). Attracting Foreign Investment in Cyclic Imbalances of the Economy. Scientific Horizons, 25(5): 101-116. DOI: 10.48077/scihor.25(5).2022.101-116
[40] Trusova, N., et al. (2022b). Guarantee of Safe Innovative Development of the Tourist Industry of Ukraine. GeoJournal of Tourism and Geosites, 41(2): 422-432. DOI: 10.30892/gtg.41212-846
[41] Trusova, N., et al. (2023a). Budget Instruments for Stimulating the Development of the Investment Potential of the Tourism Industry in Ukraine. Economic Affairs, 68(1): 253-269. DOI: 10.46852/0424-2513.1s.2023.28
[42] Trusova, N., et al. (2023b). Innovative Incentives of the Tourism Industry in the Period of Post-Conflict Reconstruction of Ukraine. Review of Economics and Finance, 21: 1237-1248.
[43] Tsviliy, S., et al. (2023). Potential of International Cooperation of Ukraine in the Geoeconomic Space of the Tourist Industry. GeoJournal of Tourism and Geosites, 49(3): 946-961. DOI: 10.30892/gtg.49311-1095
[44] Tymoshenko, T. (2021). The Concept of Smart Tourism Management in the Framework of Implementing Sustainable Development Strategies for Territorial Communities. Public Administration and Regional Development, 13: 771-796. DOI: 10.34132/pard2021.13.10
[45] European Union. (2021). EU External Investment Plan. Available at: https://euneighbourseast.eu/wp-content/uploads/2021/07/factsheet_eip_uk.pdf
[46] Investment plans of the EU: Opportunities for Ukraine in the area of the European Green Deal implementation. (2021). https://dixigroup.org/wp-content/uploads/2021/01/investment-plans-of-the-eu.pdf
[47] Law of the Ministry of Economic Development and Trade of Ukraine No. 1902 “On the approval of the plan of measures for the implementation of the Strategy for the development of tourism and resorts for the period until 2026 in 2018”. (2017). Available at: https://zakon.rada.gov.ua/rada/show/v1902731-17#Text
[48] Order of the Cabinet of Ministers of Ukraine No. 168-p “On the approval of the Strategy for the development of tourism and resorts for the period until 2026”. (2017). Available at: https://zakon.rada.gov.ua/laws/show/168-2017-%D1%80#Text
Published
2024-09-30
How to Cite
TSVILIY, Sergiy M. et al.
Strategy for the Development of the Investment Potential of the Tourism Industry of Ukraine in the International Economic System.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 3, p. 601 - 619, sep. 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8591>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.14505/tpref.v15.3(31).08.
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