Institutional investment environment of the aviation industry

The paper shows that the aviation industry is one of the most promising areas for investment due to its strategic importance and technological development. It was established that the institutional environment of the aviation industry of Ukraine combines state regulation, international support and private investment. It has been proven that the main priorities of its development are the provision of security guarantees, integration into the European market, restoration of aviation infrastructure, use of public-private partnership mechanisms, support of international organizations. The areas of investment in the aviation industry are substantiated: airlines and air transport, aviation infrastructure, military and civil aviation, aviation technologies and innovations. Challenges for investing in the aviation industry are systematized: high risks and volatility; the impact of martial law and global conflicts; price fluctuations for aviation fuel and energy resources; regulatory restrictions and environmental requirements; lack of investments and financial resources; limited state subsidies; high capital intensity of projects and a long payback period; emergence of new aviation technologies; competition from alternative modes of transport. The main areas of investment in the aviation industry during the war are proposed: military and defense aviation, production and development of UAVs, aviation infrastructure and preparation for recovery, innovation and international partnerships. Challenges for investing in the aviation industry during wartime were set: a complete stop to civilian air transport due to the closure of airspace; destruction of airports and infrastructure; high military risks for investors and a long investment payback period. The prospects for the development of the aviation industry are determined: its post-war recovery, integration into the European aviation space, scaling of the military-industrial complex and international cooperation; the return of international air carriers after the stabilization of the situation, the implementation of state and international airport recovery programs. It is shown that after the war, the reconstruction of the aviation infrastructure, integration into the EU and attraction of private capital will become the key investment areas.