‘Tourism and the Hospitality Industry’: New Investment and Technological Opportunities for the Sector
In the years to come, Russia faces the rather ambitious task of developing a high-quality tourist product. As part of a new national project entitled ‘Tourism and the Hospitality Industry’, as well as the national project to develop the country’s export potential, Russia is developing measures to increase the flow of tourists with the aim of increasing the proportion of exports from tourist services from USD 8.9 billion (2017) to USD 15.5 billion (by 2024). On the one hand, Russia has enormous potential to develop this sector, given that the country boasts unique natural resources and sites of global cultural and historical significance. The government is actively supporting the development of domestic tourism, not only by funding and improving infrastructure but by working directly with citizens through innovative financial solutions with the help of modern technologies. Moreover, according to estimates by the Central Bank of Russia, the economy lost 2 trillion roubles last year due to closed borders and travel limitations during the pandemic. On the other hand, according to official data, domestic tourism did not take off either. On the contrary, the overall stream of domestic tourists in Russia over 2020 decreased by 35–40%. What key challenges is the sector currently facing? What will the new state support measures to develop infrastructure and spaces look like? How can we make the tourism industry more attractive to investors?
