Legal regulation of investment and innovation in the tourism sphere

Article Information

Title: Legal regulation of investment and innovation in the tourism sphere

Authors: Andrii M. Aparov, Olena M. Ivanii, Oleksandr V. Kolyshkin, Svitlana V. Hvozdetska, Olha V. Shapovalova

Journal: International Journal of Agricultural Extension (IJAE)

HEC Recognition History

Category	From	To
Y	2024-10-01	2025-12-31
Y	2023-07-01	2024-09-30
Y	2021-07-01	2022-06-30
Y	2020-07-01	2021-06-30

Publisher: DATAPLUS (SMC- Private) Limited

Country: Pakistan

Year: 2022

Volume: 10

Issue: 2

Language: English

DOI: 10.33687/ijae.010.00.3858

Keywords: Financinglegal actsinvestment and innovative supportinnovation activitytourism industry.

Abstract

The realities of today’s life of Ukrainian society, the pro-European course of development and activity chosen by the nation, the favourable geopolitical position of Ukraine, etc. along with other strategically important circumstances in the development of state-legal and social institutions of our state and nation naturally led to the emergence of the need to improve analytical approaches to the development of investment and innovative support for the tourism sphere of life of Ukrainian society. The research aims to analyse the features of the legal content of the categories that are within the framework of research on the subject of work and the legal forms that social relations acquire, which in this regard develop in society. The aim of the work is also to try to form our own legal view on the current state and prospects for the development of legal support for the relevant issue. The leading research methods are theoretical – analysis-synthesis, induction-deduction, abstraction. The scope of issues raised in this work concerns a fairly complex framework of sectoral and legal regulation: administrative, international, civil, economic, etc.

Disclaimer: The following sections are produced through an intensive multi-stage analytical pipeline developed by DefinePK, utilizing advanced natural-language processing, domain-specific knowledge models, and automated cross-referencing systems. Despite the rigor and computational effort involved, the generated summary may still contain inaccuracies or incomplete interpretations. Users are strongly advised to verify all critical information against the original paper and its authoritative sources.

Research Objective

To analyze the features of the legal content of categories related to investment and innovation support in the tourism sphere of Ukrainian society, and to form a legal perspective on the current state and prospects for legal support in this area.

Methodology

Theoretical research methods including analysis-synthesis, induction-deduction, and abstraction. The study examines administrative, international, civil, and economic legal regulations.

Methodology Flowchart

                        graph TD
    A[Theoretical Research: Analysis-Synthesis, Induction-Deduction, Abstraction] --> B[Examination of Legal Branches: Administrative, International, Civil, Economic]
    B --> C[Analysis of Legal Content of Investment and Innovation in Tourism]
    C --> D[Assessment of Current State and Prospects of Legal Support]
    D --> E[Identification of Problems and Challenges]
    E --> F[Formulation of Conclusions and Recommendations for Regulatory Transformation]

Discussion

The paper discusses the complexity of defining "investment" and "innovation" within legal and economic contexts. It highlights the importance of investment and innovation for Ukraine's socio-economic development, particularly in the tourism sector. Challenges to foreign investment in Ukraine are identified, including low trust in government, hostilities, corruption, and political instability. The need for a clear national economic development strategy and effective state regulation tools for the tourism industry is emphasized.

Key Findings

Legal mechanisms for regulating investment and innovation in the tourism sector are not always effectively applied and sometimes remain general references in legislation. Issues of expanding the application of progressive investment and innovation mechanisms, such as securities, corporate rights, intellectual property rights, and "know-how," are particularly challenging. The actual insufficiency of legal regulation in the tourism sector necessitates activating transformations in regulatory frameworks.

Conclusion

The study concludes that while Ukraine has potential for tourism development, its investment attractiveness is low due to various systemic issues. Effective legal regulation of investment and innovation in tourism is crucial for economic growth, job creation, and increasing the country's competitiveness. The research identifies existing problems and provides a basis for future regulatory reforms.

Fact Check

1. Law of Ukraine No. 1560-XII "On investment activity" (1991): This law defines investments to include funds, securities, movable and immovable property, intellectual property rights, and other values.
2. Law of Ukraine No. 40-IV "On innovation activity" (2002): This law defines innovations as newly created or improved competitive technologies, products, or services, and organizational/technical solutions that improve production or the social sphere.
3. Challenges to foreign investment: The text lists low levels of trust in the government, hostilities in the east, government interference, the shadow economy, corruption, political instability, and taxation as hindrances.

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