Mechanisms for the Development of Event Tourism as a Key Component of Azerbaijan’s Economy

Introduction. The relevance of studying the current state of event tourism in Azerbaijan lies in its potential to stimulate economic growth, strengthen the country’s international reputation, and preserve its cultural heritage. The paper aims to identify and analyze opportunities for the development of event tourism in Azerbaijan. Materials and methods. The study draws on statistical data regarding the number of tourists attending celebrations and festivals across various regions of Azerbaijan, as well as case studies of successful event projects. The research methods include document analysis and statistical evaluation to assess the scale and dynamics of event tourism. Results. Numerous holidays and festivals are organized annually in different regions of Azerbaijan, significantly contributing to the development of event tourism. Successfully planned and well-organized, such events play a crucial role in driving economic growth, fostering cultural exchange, and enhancing the international visibility of Azerbaijan regions. The current state of event tourism is examined with reference to major events held in the country. For example, in its first four years, the Formula 1 Grand Prix generated approximately $500 million for the Azerbaijani economy. In April 2023, the Formula 1 Grand Prix of Azerbaijan attracted 154,233 visitors from more than 100 countries, many visiting the country for the first time. Conclusion. To strengthen event tourism in Azerbaijan, a range of measures should be prioritized, including infrastructure expansion, investment and financing, strategic marketing, workforce training, and innovative practices. By combining best international practices with local cultural and regional characteristics, Azerbaijan can build a sustainable and competitive event tourism sector that contributes to long-term economic and social development.