Liudmila Bovsh

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.

The sustainable development of tourism, which provides for natural and cultural and historical resource-saving and increase, observing the environmental standards becomes dominant and is a requirement for tourism successful development. The main direction of sustainable tourism development within a certain country – national tourist system (NTS) is inclusiveness. According to the results of human and inclusive development indicators, the volumes of employment in tourism, there were defined the problems of Ukraine concerning the insufficient level of human development, the presence of displaced population from the military actions zone and the population that suffers from grievances and has features of poverty. It is emphasized that NTS can implement the inclusive business models through such key foundations: Particular attention is paid to substantiating the mutual satisfaction of the economic interests of stakeholders when forming the NTS inclusive business models. There was elaborated the vision of possible key strategies of business entities for expanding the economic opportunities in the context of inclusive development. According to the study results, there was presented the architectonics of the interaction of NTS subjects when implementing the inclusive business models, where the groups of stakeholders, directions, forms of activity, and possible effects of their implementation were defined. Attention is paid to the need for further systemic studies of the considered problem in response to challenges and threats to tourism as a global social, environmental, and economic phenomenon.

Nowadays, the investment flows define the prospects of development of the economic system of any level, as they give the innovative opportunities and are the instrument of compliance in the financial and legal field. Taking into account the significant resource potential of the Ukraine, it is important to study the industries-catalysts, able to mobilize the financial resources, to activate the development of infrastructure and to become an impetus for the development of the specific location and the regions as a whole, which a priori stimulates meeting the social needs. This study aims to analyze the parameters of social effectiveness of investments in the hospitality business, which creates the multiplicative effect in the territories’ development systems, involving many related industries, which are the donors for territorial communities financing, in the creation of the concept-product. As a weighty proportion in the territorial community’s GDP, the usefulness of the investments in the hospitality was analyzed through the lens of sociality, which nowadays acquires the signs of non-material asset in implementing the projects, as it ensures the communicative and information interaction, harmonizes the relationship between the investors, recipients of investments, local territorial community, and society.