Abstract
The article is dedicated to the rationalization of the theoretical grounds applied when implementing the innovation principles targeting improvement of the tourism and hospitality competitiveness of the region in the conditions of sustainable development as a strategic priority of the regional socio-economic development of Russia. The study attempts assessing Russian tourism competitiveness based on the data of the World Economic Forum (The Travel and Tourism Competitiveness Report 2017) and, thus, maintains that the Travel and Tourism Competitiveness Index (TTCI) is based on 15 variables grouped as 4 subindices that define the opportunities for business development in the country, state policy, infrastructure and available natural and cultural resources. Innovative transformations in the regions are to target the development of the international tourism, which implies focusing on the projects ensuring competitive advantages in the global tourism industry. The competitive ability of a regional hospitality market is seen as its ability to create unique innovative economic, organizational and technological environment for tourism product development, provided the adequate productivity is achieved in the international competitive environment in comparison to the tourism regions around the world.
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