Financial aspects of tourism industry’s efficiency in Karachay-Cherkess Republic

The article reveals the relevance of tourism and recreation complex development for the economy of the Karachay-Cherkess Republic. The authors emphasize that tourism in the modern world is one of the most stable and fast growing sectors of the economy. The main types and forms of tourism and recreation in the region are identified with the purpose of increasing revenues from the tourism industry. Special attention is paid to the quantity and quality of recreational resources of the Republic. The article notes that the Karachay-Cherkess Republic has natural resources, mineral sources, scientific and production resources, cultural and historic resources. The authors give a brief description of some objects of the Karachay-Cherkess Republic attractive for tourism development, in particular the Nizhny Arkhyz historical and architectural complex, the special astrophysical Observatory of the Russian Academy of Sciences, the Sentinsky historical and architectural complex. The article examines the main characteristics of some investment projects “the Gum-Bashi”, “Phia acid sources”, “Abaza yard”, the implementation of which will contribute to the development of the recreational potential of the region. The work studies the role of the state in regulating the tourism industry development. On the example of the state program, the authors demonstrate the basic target indicators of development of the industry in the near future, including the number of tourists, the number of fee-based tourist services, the number of workers employed in the tourism sector, the number of collective accommodation facilities, etc. In conclusion the authors point out the directions of support and stimulation of tourism business development in the Karachay-Cherkess Republic.