Regulating the tourism industry to attract foreign investments at risk of force majeure events

Abstract

This article studies the legislative regulation of tourist activities in order to improve the investment climate. The authors consider the current state of the tourist services market and the reasons why the flow of tourists has significantly decreased and analyze the refund policy in case it is impossible to provide a tourist service due to the closure of the border during the pandemic. Based on the analysis of the international experience and the tourism industry in the Russian Federation, the authors developed recommendations to improve existing legislation and government policy towards the tourism industry, which should guarantee the influx of investments. In addition, they addressed the issue of attracting foreign investments to the tourism industry within the scope of public-private partnerships, as well as the issue of the creation of special economic zones of the tourist and recreational type. The authors concluded that it is necessary to form a clear political program for the development of tourism in the Russian Federation and to apply comprehensive measures to create conditions in which Russian tourism develops more effectively.