INVESTMENTS IN TOURISM INFRASTRUCTURE: RISKS AND PROFITABILITY

Abstract

This article analyzes the current state and development directions of investments in tourism infrastructure. The focus is placed on types of investments, related risks, and profitability indicators. Tourism is considered a strategic sector that contributes to economic diversification and sustainable development, with special attention to its growing importance in the post-pandemic period.
The study is based on a review of sources from 2015 to 2025, including data from UNWTO, the World Bank, and fDi Intelligence. The main areas of investment are identified as transport, the hotel sector, recreational and leisure infrastructure, and digital solutions (online services, virtual tours, QR guides). The paper examines key types of risks — financial, legal, social, and environmental. International and national cases (UAE, Vietnam, China, Kazakhstan) are analyzed using NPV, ROI, and IRR indicators.
Particular attention is given to Kazakhstan’s experience and the role of public–private partnerships. The authors provide recommendations for investors and government bodies aimed at improving the efficiency of investments and enhancing their contribution to the sustainable development of regions.