Formulation of development strategy for tourism and hospitality industry

This article is devoted to formulation of development strategy for tourism and hospitality industry. It has been established that in order to improve competitiveness of sector markets and to create conditions for accelerated development of tourism and hospitality industry due to expansion of spectrum and improvement of service quality, it is required to consider for guarantied conformity of available capacities of existing enterprises and newly established entities with demands of tourists while developing strategic economic programs and their implementation in each region. It has been proved that implementation of development strategy for tourism and hospitality industry would allow to determine numerous attractive tourist and recreation proposals, create modern procurement infrastructure of tourist and hotel business, improve transport infrastructure of border area and arrangement of all required facilities, develop information infrastructure of tourist and hotel business. © IAEME Publication