ABSTRACT
In this study, we analyze the trends, problems, and perspective directions for investing in Russian tourism. We highlight the most significant factors that prevent investment in Russian tourism. We consider the financing sources of investment processes related to the formation of tourist clusters in the regions of Russia, as exemplified by the Chuvash Republic and the Republic of Tatarstan. We study the program approach and the effectiveness of its implementation in Russia in the formation of tourist clusters. The need for using strategic methods of investment process management at macro, mezzo, and micro levels, which introduce new value orientations, is substantiated. In accordance with the strategic approach to management, the effectiveness of tourism projects should be evaluated in terms of not only commercial but also social, budgetary, and environmental assessments.
