“Three years ago, we started to rent a piece of land east of Yerevan. Our own hangar area with several helipads hangar was built there, along with an office building with several hotel rooms and a small training center,” Manukyan said.
Region of turmoil and challenges
Armenian Helicopters’ market is relatively small, in a country with a 2022 GDP of $19.5 billion. The republic’s geographical location also causes changes to the company’s operations. The former Soviet state is near Russia and landlocked between Turkey, Georgia, and Iran. And the country is in conflict with neighboring Azerbaijan. This resulted in a large-scale military offensive in September 2023, after which the Armenian self- proclaimed republic of Nagorno-Karabakh ceased to exist.
“We are not doing flights to Iran due to the sanctions and due to the difficulty of getting permission from the Iranian government,” Manukyan said. “We have not flown into Turkey since 2020, as we do not receive permission for those flights either. Since 2022, we have not flown into the Russian Federation. Flights abroad are thus limited to the Georgian cities of Tbilisi, Batumi and Kutaisi, depending on the wishes of the client.”
In addition to causing a decrease in orders for Armenian Helicopters, the region’s political, financial and military issues also create a risk of security incidents for the company. “We always have to make a relevant risk assessment on the planned route and organize our flights in the safest way to prevent dangerous situations, such as being shot at,” the CEO explained. “Prior to 2020, this was much easier since the Azerbaijani armed forces were far from our border and we were able to make flights to much more places. We also notice the threat is doing something to the number of tourists visiting Armenia. As soon as tourists learn that gunfire is taking place in the region, we lose potential customers.”
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