Perceptions of foreign investors on the tourism market in Central Asia including Kyrgyzstan, Kazakhstan, Uzbekistan, Turkmenistan

Unique cultural, historical, archeological, and natural attractions of Central Asian States (CAS) (Kazakhstan, Kyrgyzstan, Turkmenistan, Uzbekistan) present important opportunities for those states to become a major tourist destination. However, turning these opportunities and potential into a reality is likely to be a result of a long, expensive, and complicated process. The success of this process heavily relies on the availability of capital, both domestic and foreign. Since domestic capital is limited in many of the Central Asian States, it is likely that foreign capital is going to play a significant role. Therefore, this study examines the foreign investors' perceptions of general investment, tourism specific investment, and sustainability investment consideration factors in CAS. The study also tested if overall investment conditions of the four CAS can be explained as a function of general investment, tourism-specific investment, and tourism sustainable investment consideration factors. The study concludes with appropriate management and policy implications for both investors and the four CAS. (c) 2006 Elsevier Ltd. All rights reserved.