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country to country. Thus, each should develop country specific invest-
ment strategies and incentives to attract more foreign investment in
tourism industries. These incentives may cover a range of incentives,
including lower taxes, low interest rates, higher ownership options for
foreign investors, long-term land lease options and similar. However,
making investment cost attractive with incentives seems to apply to
all four countries. This point needs to be carefully incorporated into the
investment strategies of the four CA countries. Trained workforce and
favorable general investment conditions are also regarded important
in considering further investment into such countries, thus, these factors
also need to be part of investment-based development strategies in the
four countries of CA.
Although the findings of this study are about Turkish investors, this
may be one of its limitations in terms of generalization of the study's
findings. It is logical to suggest that similar studies with a similar ques-
tionnaire can be easily conducted for investment companies located in
different countries. It is hoped that the information generated from this
study could be of further help for investors, tourism developers and gov-
ernment officials. It is equally important to mention that this study did
not directly assess the strength and importance of demand and market
considerations for these countries, which is very important. However,
this is beyond the scope of this current study and this point needs further
research and careful investigation in order to augment supply driven stud-
ies such as this one. Most of the general findings from this study about
the perceived importance of investment consideration variables could
also help prospective investors regardless of their location with their
future investment plan in the CA countries. The study also revealed that
investment companies that already had business activities in the selected
CA countries are likely to further explore and expand investment activi-
ties. These companies, unlike the ones that have limited experience in the
four CA countries, seem to have much more favorable perceptions of
the investment conditions. Thus, the officials of the selected CA countries
could use currently active companies in their respective countries to
encourage them to team up with other companies to further attract more
investment capital. Naturally, this would force the CA countries to be
more creative and innovative in their efforts to obtain foreign investment.
They need to develop creative, future oriented, sustainable investment
incentive packages and plans to promote their countries. Such efforts on
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