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Foreign Direct Investment and Sustainable Tourism: A Systematic Literature Review

Author

Listed:
  • Eleni E. Anastasopoulou

    (Neapolis University Pafos)

  • Georgios A. Deirmentzoglou

    (Neapolis University Pafos)

  • Patroklos Patsoulis

    (International University of Rabat)

  • Eirini Vlassi

    (University of the Aegean)

  • Ioannis Anastasopoulos

    (University of Piraeus)

Abstract

This study conducts a systematic literature review to explore the complex relationship between foreign direct investment (FDI) and sustainable tourism. As tourism plays an increasingly vital role in global economic growth, FDI has emerged as a key driver, contributing to infrastructure development, employment generation, and the diffusion of knowledge and innovation. However, its impacts are not uniformly positive. While FDI can foster economic growth and environmental innovation, it also carries risks of ecological degradation, social inequality, and policy misalignment if not adequately governed. Drawing on 43 peer-reviewed studies published over the past two decades, this review identifies and synthesizes three thematic areas: (1) the role of FDI in tourism-led economic growth and development, (2) the environmental consequences of FDI in tourism contexts, and (3) the socio-cultural, institutional, and policy dynamics associated with tourism-related FDI. The findings suggest that the sustainability outcomes of FDI depend largely on regulatory quality, institutional capacity, and the inclusiveness of development strategies. The paper concludes with policy recommendations aimed at aligning FDI with sustainable tourism objectives, including stronger governance mechanisms, community participation, and environmental safeguards.

Suggested Citation

  • Eleni E. Anastasopoulou & Georgios A. Deirmentzoglou & Patroklos Patsoulis & Eirini Vlassi & Ioannis Anastasopoulos, 2026. "Foreign Direct Investment and Sustainable Tourism: A Systematic Literature Review," Springer Proceedings in Business and Economics,, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-17545-8_12
    DOI: 10.1007/978-3-032-17545-8_12
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    Keywords

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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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