The Implementation of Large Investment Projects in the Tourism Sector: Challenges and Opportunities

Russia’s ‘Tourism and Hospitality’ national project is ramping up the development of the industry through the implementation of such major investment projects as: the creation of resort clusters as part of the ‘Five Seas and Lake Baikal’ initiative and other large-scale projects, the modernization of transport infrastructure, and the construction of mixed-use facilities – from premium hotels to digital booking services. These projects create a foundation for affordable and safe tourism, generate demand for domestic products, and provide business support through state programmes. The government and the private sector are synergizing their efforts with the development of common quality standards, staff training, and the introduction of innovative technologies, which enhances the attractiveness of the regions. The multiplier effect of investment can be seen in the growth of related industries, such as logistics, catering, and the event industry. The long-term goal is to consolidate Russia’s position as a country with unique tourism opportunities, where large-scale infrastructure solutions provide a basis for economic growth and the social development of the regions. What are the most effective mechanisms for subsidizing the construction of supporting infrastructure? How is the ‘Five Seas and Lake Baikal’ federal project being implemented? How do major investment projects affect small and medium-sized businesses?