MINERALNYE VODY, May 3. /TASS/. Investments in projects in Russia’s tourism sector increased by 14% in 2022 to over 400 bln rubles ($5 bln), Russia’s Deputy Minister of Economic Development Dmitry Vakhrukov said on Wednesday.

"Amid rising demand we see an increase in investment activity in tourism already now. According to our estimations, investments rose by 14% in 2022 compared with 2021. Equity investment surpassed 400 bln rubles," he said.

The Caucasus Investment Exhibition is taking place from May 3 to 4 at MinvodyExpo in the city of Mineralnye Vody. The exhibition is aimed at developing the regions that make up the North Caucasus Federal District. The event brings together key investors, initiators of investment projects, development institutions and banks in the North Caucasus, with experts, entrepreneurs and manufacturers presenting new economic vectors and business ideas, as well as current development trends and strategies. The event is supported by the Ministry of Economic Development of the Russian Federation and organized by the Roscongress Foundation, while Northern Caucasus Resorts is its strategic partner. TASS is the event’s information partner.