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Mariam Koyava

PSP is one of the biggest pharmacies in Georgia, they import and distribute pharmaceuticals in approximately 220 PSP pharmacies located almost in every region of Georgia. Their products are imported from over 100 of the world’s leading pharmaceutical manufacturers. Every month 2 million customers choose PSP as their family's pharmacy.In 2017, SavvY implemented the following services: Full Diagnostics of IFRS, IFRS Implementation and Audit Support. Deriving from the company’s specific business activities the most critical elements were Property, Plant, and Equipment, Inventories, and Revenue.

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IFRS Adoption & Implementation

IFRS Implementation in pharmaceutical company

SavvY was the implementing party of International Financial Reporting Standards (IFRS) Capacity Building Activity across Georgia which was initiated by the Ministry of Finance of Georgia’s Service of Accounting, Reporting, and Auditing Supervision (SARAS) and supported by the United States Agency for International Development (USAID) project “Governing for Growth” (G4G).The project had very significant role in supporting the companies in successful IFRS implementation that was required by the new law regarding Audit and Financial Reporting.&nbsp;The project had the following outcomes:<ul><li style="text-align:justify;">The pool of IFRS trainers was created: 30 English-speaking and 58 Georgian-speaking trainers were trained&nbsp;</li><li style="text-align:justify;">The interactive training modules materials and syllabus was created that became publicly available resource&nbsp;</li><li style="text-align:justify;">100 accountants were trained via the newly designed interactive training modules</li><li style="text-align:justify;">35 training modules with the materials amounting to more than 2500 pages were translated to Georgian language</li></ul><a href="https://saras.gov.ge/ka/Home/Modules?Length=4">You can see this module on link</a>.

USAID (G4G)

Saras

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Ecosystem Development

IFRS for SME Capacity Building Project

SavvY created a business plan for Goodwill JSC to expand its hypermarket chain and fast food direction. Goodwill is Georgia's first hypermarket chain, providing customers with a diverse range of products. It has its own line of prepared meals, meat products, and confectionery. Additionally, Goodwill stands as a significant importer of food and non-food products from various countries including Germany, Netherlands, Italy, France, Bulgaria, and Ukraine.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:31.58%;"><col style="width:68.42%;"></colgroup><tbody><tr><td><h2>How we helped</h2></td><td>Throughout the project, SavvY’s&nbsp;team investigated the main target markets and assessed the potential demand.&nbsp;</td></tr></tbody></table></figure>The market investigation included secondary research, statistical data analysis, as well as primary research, face to face interviews with the sector representatives. On top of that, the team explored direct competitors operating in the local market&nbsp;and&nbsp;assessed their concept, pricing strategy, strength and weaknesses, and their current financial position.&nbsp;In the end, the team came up with the business concepts describing the business model, emphasizing the competitive advantage of the project and further development potential.&nbsp;Finally, a detailed financial model was prepared and various scenarios were discussed.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:25.15%;"><col style="width:74.85%;"></colgroup><tbody><tr><td><h2>Impact and potential</h2></td><td>As a result,&nbsp;the&nbsp;client was provided&nbsp;with a detailed business plan document with information about&nbsp;favorable and&nbsp;unfavorable conditions for business development in Georgia.</td></tr></tbody></table></figure>&nbsp;

Goodwill

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Business Plan

Financial Modeling

Ready-to-eat and semi-finished food production

The project was dedicated to develop the FDI attraction strategy for the agency Enterprise Georgia (under the Ministry of Economy and Sustainable Development of Georgia). SavvY team worked on this project with our international partner FDI Center, which is specialized advisory firm in the field of foreign direct investment Based in Berlin, Germany. FDI Center is entirely focused on helping governments and investment promotion agencies (IPAs) to attract investment and retain more efficiently and successfully.The project's objective was to pinpoint the sectors and sub-sectors in which Georgia possesses competitive advantages and relevant capacities or resources to attract international companies. This was addressed through a range of expansion initiatives outlined in the operational plan.<figure class="table"><table><tbody><tr><td><h2>How we Helped</h2></td><td>The project covered several phases. The aim of the first phase of the project was to gain a solid understanding of Enterprise Georgia’s current structure and operations, including the factors that have contributed to its success and any challenges or constraints that may be affecting the agency. In addition, our team worked actively with Enterprise Georgia to acknowledge the approach to investment attraction, and facilitation, including the selection of target sectors and companies and the support provided to potential and existing investors.&nbsp;</td></tr></tbody></table></figure>The second phase was research intensive and our team worked actively with the secondary data as well as conducted numerous interviews with sector experts, key stakeholders, government representatives, representatives in international companies in specific sectors or fields, etc. The goal of this phase was to determine “target groups” that have genuine potential for locating in Georgia. A target group is defined as a specific group of companies that share similar characteristics with respect to their activities, operations, and investment potential. The term can be translated as “sub-sector” or even more detailed description of the activity that company might perform. Our approach was to identify the longlist of target sectors and then search deep dive on each individual activity to assess the investment potential of each activity. We analyzed the activities’ expansion trends worldwide, while those who might have the potential to expand in Georgia based on the requirements of potential investors in these groups and Georgia’s location characteristics. The assessment focused on the operational requirements of the target groups (e.g., workforce, utilities, and property) as well as the market characteristics of each target group (e.g., key players, geographic concentration of companies, supply chain).&nbsp;For the selected target groups, at the phase 2 we developed a detailed action plan for Enterprise Georgia to identify and engage with individual companies. The action plan included:<ul><li style="text-align:justify;">Recommended channels for first contact (e.g., direct outreach, industry events).</li><li style="text-align:justify;">The potential for including existing investors in Georgia (and their parent companies overseas) in the action plan.</li><li style="text-align:justify;">Key partners (e.g., industry associations) that can support implementation of the action plan.</li><li style="text-align:justify;">Roles and responsibilities of Enterprise Georgia and other relevant organizations in implementing the action plan.</li><li style="text-align:justify;">Significant barriers that need to be addressed for the action plan to be implemented.</li><li style="text-align:justify;">The resources (financial and other) required for implementing the action plan.</li><li style="text-align:justify;">Timeline for implementing the action plan as well as milestones and KPIs for assessing progress and results</li></ul>To approach potential investors effectively, Enterprise Georgia requires specific materials that describe the advantages the country for the selected target groups. These materials are most effective when they are customized to the requirements of potential investors and one of the reasons for selecting individual target groups was to develop a clear understanding of their requirements. Thus, for the final phase, our team developed the value proposition marketing materials for each selected target activity.The project aimed to create a substantial impact on Georgia's investment landscape by strategically identifying and promoting key sectors poised for growth. By thoroughly analyzing Enterprise Georgia's existing structure and operations in the initial phase, we established a foundational understanding of the agency's strategy towards attracting FDI investment.The second phase involved intensive research, enabling us to pinpoint specific target groups with genuine potential for investment in Georgia. This data-driven approach not only highlighted sectors showing promising revenue growth and favorable market conditions but also identified the operational and market characteristics crucial for attracting international companies. The comprehensive analysis ensured that our recommendations were grounded in evidence, addressing the requirements of both investors and the unique advantages that Georgia offers.With the identification of five target groups that meet established investment prerequisites, we developed a detailed action plan for Enterprise Georgia. This plan outlines strategic outreach channels, identifies key influencers and partners, and addresses potential barriers to implementation. By fostering collaboration with existing investors and industry associations, the action plan positions Georgia as an attractive destination for investment.Overall, the project is expected to enhance Georgia's competitiveness in the global market, stimulate economic growth, and foster a sustainable environment for international investment. Through targeted strategies and comprehensive engagement with potential investors, Georgia is poised to attract significant foreign direct investment, creating jobs and driving innovation across key sectors.

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Georgia Investment Attraction, Facilitation and Aftercare Strategy and Action Plan

The Growth Hub (GH) project continued to be developed for some years and was supported by the several international organizations or projects.&nbsp;The initial scope and concept of the GH was supported by the UNDP Georgia, which at that time was implementing the second phase of the project entitled “Fostering Regional and Local Development in Georgia” (FRLD 2). After discussing the scope and concept with Irakli Nadareishvili, Deputy Minister of the Ministry of Economy and Sustainable Development of Georgia (MoESD), and Tornike Zirakishvili, Deputy Director of LEPL Enterprise (EG), the project was considered exciting and moved to the next stage. With the initiation and support of the EG stakeholders mapping and action plan for the GH for Adjara region was financed under the USAID Economic Security Programme and the same scope for Samegrelo-Zemo Svaneti was financed under the UNDP project "Fostering Regional and Local Development in Georgia, Phase 2" with the support of the Ministry of Regional Development and Infrastructure of Georgia (MRDI), the Swiss Agency for Development and Cooperation (SDC) and the Austrian Development Cooperation (ADC).&nbsp;As of now, both GHs in Samegrelo-Zemo Svaneti and Adjara regions of Georgia are announced to be launched in summer 2023 followed by the expansion of the GH network in all regions and eventually the full coverage of Georgia.&nbsp;We are honored to have been a part of the journey that brought the&nbsp;GH from concept to implementation.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:24.13%;"><col style="width:75.87%;"></colgroup><tbody><tr><td><h1>How We Helped</h1></td><td>Before preparing the concept of Growth Hubs, international best practices were analyzed. With respect to governance and structure, the most relevant and optimal analogue was found to be in Great Britain. We also analyzed examples India, Latvia, and Australia. In some countries, a practice similar to a growth hub is not implemented at all, and in some countries the functions of growth hubs are attributable to their ministry of economy.&nbsp;</td></tr></tbody></table></figure>Under the project “Fostering Regional and Local Development in Georgia” (FRLD 2) funded by UNDP, JSC SavvY developed the concept for the Growth Hubs. The studies conducted in the framework of the project revealed the importance of rural business development for economic growth of the regions of Georgia and factors preventing or contributing to this process. The results show the need of business support organization that will focus on researching the business environment and promoting local business development, that will be the bridge for rural businesses to find and access to intensive local support and advice where they have the opportunity, ambition and greatest potential to grow and scale-up. Although there is a business growth potential in regions of Georgia, the need and importance of support services for their growth and prosperity is crucial. Growth Hub may address all above mentioned issues. The main drive of GH is to be proactive and work closely with rural businesses to acts as a communicator and negotiator at a national level with government, advisers, businesses, academia and other target audience. GHs will be the bridge for rural businesses to access specialists in any field of development they need, including individual consultancy, exporting, accessing finance, trainings. Within the framework of the project, the SavvY team visited one of the Growth Hubs in the United Kingdom and gained firsthand knowledge of its scope of operation and structure.Working on the Strategy and action plan of the GH in different regions of Georgia, as well as analyze the macroeconomic background and prepare stakeholders mapping was proceeded under the other two projects: stakeholders mapping and action plan for the GH for Adjara region was financed under the USAID Economic Security Programme and the same scope for Samegrelo-Zemo Svaneti was financed under the UNDP project "Fostering Regional and Local Development in Georgia, Phase 2" with the support of the Ministry of Regional Development and Infrastructure of Georgia (MRDI), the Swiss Agency for Development and Cooperation (SDC) and the Austrian Development Cooperation (ADC).&nbsp;The scope of these two projects included preparing the concept of GH and conducting primary and secondary researches about the MSMEs attitudes, existence of local service providers and private sector development in target regions. Primary research included intensive face to face interviews and telephone surveys of MSMEs in the target region of Georgia. Secondary research was done to assess the level of private sector development in the target region of Georgia, specifically in the Samegrelo – Zemo Svaneti and to identify the sectors contributing most of all to the country’s GDP.The concept and services and the governance structure was developed with the involvement of an international consultant from Great Britain who had more than 20 years of experience in GHs and who greatly contributed to the development of the strategy and action plan of the GH. The document summaries the market research of the Growth Hub stakeholders as well as the concept, strategy and action plan of the Growth Hub.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:27.48%;"><col style="width:72.52%;"></colgroup><tbody><tr><td><h1>Impact and Potential</h1></td><td>Growth Hubs will assist MSMEs in attaining growth through various initiatives and services. Growth Hubs will act as conduits for rural firms to connect with specialists in a variety of sectors (e.g., exporting or access to finance) and formats (e.g., consultancy and training).&nbsp;</td></tr></tbody></table></figure>GHs will serve as national communicators and negotiators with the government, advisers, corporations, academia, and others. Their suite of programs and services will be geared to help the main industry sector manage change, adapt to business challenges, increase profitability, and plan for the future. Along with group trainings, services will mostly entail individual consultations, face-to-face meetings, and individual growth and export plans are developed in partnership with government, industry specialists and experts, and other organizations that support regional development to assist the development of competitive, sustainable, and resilient rural businesses.Physical, regional branches of the "Enterprise Georgia" agency will be established, with the goal of assisting local enterprises. The hub will feature support consulting and other service providers to network with local MSMEs and assist in building the fundamental skills of entrepreneurs in the region.&nbsp;This will also in part support the development of consulting businesses in the regions, with the agency becoming a partner for them on the local level and a facilitator for entrepreneurs to provide those services through the GH that MSMEs seek to receive.&nbsp;As a result, the Growth Hub will assist the development of rural/local MSMEs, facilitating local economic growth and prosperity across the country.See article about our project<ol><li style="text-align:justify;"><a href="https://www.enterprisegeorgia.gov.ge/en/News/enterprise-georgia-delegation">Enterprise Georgia delegation got acquainted with the operations of Growth Hubs in Englan</a>d</li><li style="text-align:justify;"><a href="https://bm.ge/en/news/icc-launches-centre-of-entrepreneurship-in-tbilisi/36886">ICC Launches Centre of Entrepreneurship in Tbilisi</a></li></ol>

Enterprise Georgia

USAID

UNDP

Growth hub

Strategy Development

Growth Hubs in Georgia

News

<figure class="image"><img src="/uploads/Screenshot_2025_04_01_164544_d3b33a61ac.png" alt="Free Industrial Zones – Time to Invest with Mariam Koyava"></figure>There is a belief that, amid high uncertainty and increasing unpredictability in the global economy, special economic zones provide a relatively predictable stable business environment.The World Free Zones Organization (WFZO) estimates that there are 7,000 special economic zones worldwide. However, tracking and identifying which zones are truly active and successful remains a challenge.&nbsp;According to Adrianople Group, there are 4,921 active zones in more than 90 countries.As for Georgia, the country currently has four operational free industrial zones: Poti Free Industrial Zone, Kutaisi Free Industrial Zone, Hualing Kutaisi Free Industrial Zone, and Tbilisi Free Zone.Additionally, two new zones are in development. The Sagarejo Free Industrial Zone is scheduled to begin operations no later than March 1, 2026, while the GIG Free Industrial Zone in Kutaisi is set to open by December 1, 2026.<a href="https://bm.ge/news/tavisufali-industriuli-zonebi-investitsiis-droa-mariam-qoiavastan-ertad">To watch the full interview, follow the link</a>

Free Industrial Zones – Time to Invest with Mariam Koyava

<figure class="image"><img src="/uploads/giorgi_gudabandze_w_h_598e10ae06.jpeg" alt="giorgi-gudabandze_w_h.jpeg"></figure>"The low share of the EU in exports is alarming," said Giorgi Gudabnadze, Associate Partner at SavvY, in an interview with BMG.Exports from Georgia to the European Union have dropped to record lows. In the first ten months of 2014, Georgian businesses exported only $456 million worth of goods to EU countries. The EU’s share in Georgia’s total exports fell below 10%, reaching just 8.4%."The country and the private sector are not prepared for a market with high-level requirements. Moreover, Georgia’s recognition as a supplier of specific products in the EU market is quite low, which results in a lack of trust from European buyers in long-term business relationships. Logistics also remains a major issue, limiting Georgia’s competitiveness. We are not fully utilizing our geographical advantages, and as an overall result, our export share remains low," said Giorgi Gudabnadze.&nbsp;<a href="https://bm.ge/news/eqsportshi-evrokavshiris-dabali-tsili-sagangashoa-giorgi-gudabandze">To read the full interview, follow the link</a>

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Low Share of EU in Exports is Alarming – Giorgi Gudabnadze

<figure class="image"><img src="/uploads/Screenshot_2025_04_01_162636_2de06da5a4.png" alt="fmcg market overview"></figure>In Georgia, consumers spend approximately one-third of their disposable income on food and non-alcoholic beverages. This figure has been steadily increasing over the past five years, rising from 30.09% in 2017 to 33.39% in 2023.According to statistics, the sector's turnover in 2023 reached 20.4 billion GEL, with a CAGR of 17.8% between 2019 and 2023. Additionally, TBC Capital's calculations indicate that the share of the organized market is growing in Georgia as well, increasing from 17% in 2016 to 36% in 2023. Their forecast suggests that by 2025, the organized market share will reach 45%.According to TBC Capital's FMCG sector overview, Nikora is the market leader in sales volume, followed by Ori Nabiji, Carrefour, and Spar.The FMCG market is represented by several large players and is characterized by intense competition. However, in recent years, no significant shifts have occurred in market distribution. In 2024, however, several major market players merged, including Daily, Magniti, Spar, Gvirila, and Ioli, forming a single group. There are expectations—and BMG has insights—that market consolidation will continue.According to the Georgian Competition and Consumer Agency (GCCA), in 2023, nearly 12,000 companies operated in the FMCG retail sector nationwide. One-third of the market is concentrated in Tbilisi, where competition is particularly fierce. However, the share of the organized market remains relatively low in other regions of the country, indicating significant growth potential.&nbsp;<a href="https://bm.ge/news/fmcg-bazris-mimokhilva-saqartvelo-investitsiis-droa-mariam-qoiavastan-ertad">To watch the full interview, follow the link</a>

fmcg market overview

FMCG Market Overview (Georgia) / " Time to Invest" with Mariam Koyava!

Press Releases

<figure class="image"><img src="/uploads/savvy_w_h_3f6be5290a.jpeg" alt="savvy_w_h.jpeg"></figure>A $35 million investment portfolio, three large-scale development projects in Georgia, and over 30 evaluated investment proposals—all of this is the result of a three-year partnership between the business consulting company SavvY and Sodi Investment.&nbsp;The strategic collaboration between SavvY and Sodi began in 2021, supporting the development of Georgia’s real estate market and other key sectors through foreign direct investment.&nbsp;As a consulting firm, SavvY's role is to assess potential investment proposals and monitor the efficiency of the existing investment portfolio. According to the company's managing partner, Mariam Koyava, SavvY evaluates whether an investment business idea aligns with Sodi Investment’s investment mandate and the vision of its founder, Dominique Romano.&nbsp;"We started our strategic collaboration with Sodi in 2021, which involves financial management and investment advisory services. Given the large scale and complexity of the company's projects, we work closely with the management team to assess the financial viability of each project and ensure effective financial management and monitoring of executed investments.&nbsp;Over the past 3.5 years, we have evaluated over 30 investment projects, the majority of which were in the real estate sector, including residential and hotel-type accomodations. While Sodi Investment actively seeks interesting projects and niche investment opportunities, it is also open to potential partnership deals. We assess how attractive, profitable, and strategically aligned each project is with Sodi’s founder’s&nbsp;investment strategy,” says Mariam Koyava.&nbsp;Sodi Investment's portfolio includes large-scale projects, such as a high-end international brand hotel in Batumi. This will be an Accor-branded hotel located in the city's historic district, set to open in a test phase by the end of next year. Another key project is a mixed-use development on the former film studio site in Tbilisi, which will feature residential, hotel, and commercial spaces. The former film studio project is expected to be completed within three to four years.&nbsp;"Based on Sodi’s founder’s vision, restoring, preserving, and revitalizing historic projects is a priority. That is why our Batumi hotel project is centered around reconstructing a historic bank building while preserving its original facade. In addition to financial benefits, every Sodi project must offer advantages not only to investors but also to the local community and the country as a whole,” says Sodi Investment's director, Irakli Alasania.&nbsp;According to Sodi Investment, their partnership with SavvY provides deep sectoral expertise, which translates into tangible results. When asked whether outsourcing financial services is a viable approach, Irakli Alasania explains that working with a consulting firm has fully met their expectations.&nbsp;“For Sodi Investment, existance of companies like SavvY is crucial. SavvY possesses deep sectoral knowledge and experience that is constantly being updated. Flexibility and independence are also key factors, as an external advisor, SavvY is always motivated to remain as unbiased and objective as possible in evaluating investment opportunities.&nbsp;At Sodi Investment, we strive to keep up with market trends in developed countries and introduce innovations. When we considered partnering with SavvY, we made a positive decision, and we can say that the collaboration has been a success. Our expectations were met, and the results speak for themselves,” says Irakli Alasania.&nbsp;Sodi Investment emphasizes that working with a consulting firm ensures continuous service quality.&nbsp;At SavvY, they hope that their collaboration with the investment company will continue even after the completion of the current projects and looking ahead, both sides will work together to expand the investment portfolio. Discussing future cooperation, Sodi’s director highlights that a stable partnership is essential for rapid growth.&nbsp;"A stable partnership is crucial not only for risk management but also for fast growth. We expect that the collaboration and partnership we established with SavvY three years ago will continue into the future,” says Irakli Alasania.&nbsp;<a href="https://bm.ge/news/35-milioniani-sainvestitsio-portfeli-da-sami-masshtaburi-proeqti-savvy-da-sodi-investment-is-3-tsliani-partnioroba">To read the full interview, follow the link</a>

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A $35 million investment portfolio and three large-scale projects – a 3-year partnership between SavvY and Sodi Investment

<figure class="image"><img src="/uploads/Womens_narrative_Natia_Goliadze_0807a77b7f.png" alt="Womens narrative Natia Goliadze interview photo"></figure>SavvY’s Executive Director, Natia Goliadze, participated in the Women Narrative Program, where she discussed the company’s growth, key achievements, and future vision. As a boutique consulting firm specializing in finance, SavvY has been delivering practical and tailored solutions to businesses of all sizes for nearly eight years. The company operates both locally and internationally, collaborating with organizations to support the growth and development of Georgia’s business ecosystem. Natia highlighted SavvY’s commitment to helping businesses navigate complex challenges with innovative, value-driven approaches. During her presentation, she reflected on SavvY’s significant milestones, including expanding into international markets and successfully executing impactful projects in tourism and real estate. Notable achievements include partnerships with global organizations and the successful implementation of projects such as the Growth Hubs (consulting centers) initiative under the Enterprise Georgia. These accomplishments reflect SavvY’s dedication to driving positive change and supporting business growth. Looking ahead, SavvY is focused on further strengthening its presence in international markets and expanding its specialized services.&nbsp;&nbsp;<a href="https://youtu.be/ovxelHDboLs?si=eaIe4Hcuc-Vyp96D">To see the full interview in Georgian here click here</a>

Womens narrative Natia Goliadze interview photo

Hey, I'm Mariam Koyava and I'm gonna help you

Projects I've worked on

IFRS Implementation in pharmaceutical company

IFRS for SME Capacity Building Project

Ready-to-eat and semi-finished food production

Georgia Investment Attraction, Facilitation and Aftercare Strategy and Action Plan

Growth Hubs in Georgia

See All projects

Publications

Free Industrial Zones – Time to Invest with Mariam Koyava

Low Share of EU in Exports is Alarming – Giorgi Gudabnadze

FMCG Market Overview (Georgia) / " Time to Invest" with Mariam Koyava!

A $35 million investment portfolio and three large-scale projects – a 3-year partnership between SavvY and Sodi Investment

SavvY’s Executive Director, Natia Goliadze, participated in the Women Narrative Program

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