Opportunities for Using Cluster Models and Innovative Approaches in Managing Investment Activity in the Field of Tourism Services (The Case of Khorezm Region)

This article provides a scientific analysis of the institutional and innovative mechanisms for managing investment activity in the field of tourism services, using the Khorezm region as a case study. The field of tourism services plays a key role not only in creating new jobs and increasing foreign currency revenues, but also in the development of regional infrastructure, services, cultural heritage, and entrepreneurial activity. The article provides a comprehensive overview of the role of the cluster approach, public-private partnership (PPP), digital transformation, and “green” tourism projects in investment management.The study also highlights the significance of digitalization processes—such as electronic visas, tourist mobile applications, QR-coded information, and virtual tourism—and emphasizes the important role of "smart infrastructure" and "smart tourism" models in improving the investment climate. The article pays special attention to ensuring social inclusiveness through the engagement of local communities in economic processes, as well as through the development of handicrafts, agrotourism, pilgrimage tourism, and family-run guesthouses. In conclusion, the article advocates for a transition to integrated investment management models that combine innovative and sustainable approaches. The research findings serve as a foundation for shaping effective policies aimed at developing regional tourism potential and contributing to the stability of the national economy.