Introduction

Tourism is an industry that covers many social and economic fields, creating it a great growth vector. For the overall growth and development of the tourism industry, both domestic and foreign direct investment (FDI) play critical roles. On the ground of general understanding of investment Hayes (Investment. Investopedia. Retrieved from https://www.investopedia.com/terms/i/investment.asp . Accessed on 1 Nov 2020, 2021) explains that, an investment can be featured as a financial asset purchased with the hope to increase value or to earn money in the future. An investment typically comprises the existing spending of some assets (time, effort, money, etc.) with the prospect of a better return in the future than what was initially invested. A business, stocks, bonds, real estate holdings, for example, are some of the investment types. The key objective to invest is for generating income and increasing the value of an asset over time. Thus, any such mechanism to earn future income can be referred to as an investment. This can involve, for example, the acquisition of real estate property, stocks, bonds etc. Buying a business or property that can be used for manufacturing things or for offering services for commercial purposes can also be judged as investments. In addition, an activity that is made with the hopes to increase future revenue can be viewed as an investment, in general. When it comes for pursuing extra education, for example, the aim is frequently for broadening one’s knowledge and improving one’s capabilities (with the hope to ultimately produce more income). Because investing is based on the expectation of future income or growth, there is almost always some risks involved. It is possible that an investment can fail for paying off or losing money over time. An investor may, for example, put money into a business or company that goes bankrupt or a project that never gets off the ground. Saving is the practice of accumulating money for future use with no risk, whereas investing is the act of leveraging money for a potential future profit with risk. However, and not unexpectedly, surveys show, that tourism is relatively one of the higher priority industries for attracting investment promotion agencies (IPAs) all over the world (Endo, Tour Manag 27:600–614, 2006). Successful promotion is crucial for attracting investors in the industry, given the increasing international competitiveness between the destinations in tourism and the investment projects’ greater contestability. Tourist destinations seek to draw financial capital from abroad and market and grow local attractions through human capital, as entrepreneurs, international franchises, and hospitality and travel managers. Such activities are often quite successfully undertaken, while raising foreign capital investment for tourism projects very often becomes a challenge. In the tourism industry, capital investment is negatively affected by the COVID-19 pandemic.