One of the problems is the low profit margin of the tourism business. When you calculate it professionally, the profit margin ranges from 1% to 5% — Alexander Drozdenko, Governor of Leningrad Region.
The concessional lending programme, unfortunately, is not working as we would like. You know that there was a programme at 6.5%, now it is at 8.5%. The investments have been coming back for about 10 years, and, of course, this is not entirely effective — Sergey Krivonosov, Deputy Chairman, Committee of the State Duma of the Federal Assembly of the Russian Federation on Physical Culture, Sport, Tourism, and Youth Affairs.
Business has seen a catastrophic increase in costs, and we are all adding to the product. And we are becoming uncompetitive. As a result, Sochi and Crimea are starting to lose out to Turkey [...] The resort tax and its administration have been shifted onto the shoulders of business — Aleksey Kozhevnikov, Senior Vice President, Russian Export Center.
For some reason, when we discuss tourism, speeches are often more emotional than technocratic. In order for us to win [...], we must take a technocratic approach to this industry [...] We must count the flows. We must count the value and the cost of money for the investor. We must count all the guarantees or risks that are present in each of these projects — Sergey Bachin, Rosa Khutor General Director.