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Mariam Koyava

PSP distributes medicines within the Georgian pharmaceutical market and imports into/dispenses throughout Georgia products from over 100 of the world’s leading pharmaceutical manufacturers. At PSP, the appropriate storage conditions for each drug are maintained with the same conditions also being observed during their delivery to pharmacies. It is for this reason that PSP can guarantee the preservation of the quality of their medicines from manufacturer to customer. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;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

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

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Strategy Development

Growth Hubs in Georgia

SavvY worked on a project initiated by Enterprise Georgia (under the Ministry of Economy and Sustainable Development of Georgia) and funded and supported by the European Bank for Reconstruction and Development (EBRD). Our team had been working on an investment aftercare service development program together with FDI Center. FDI Center is a 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 program aimed to design relevant investment aftercare services that address the key challenges of international investors in Georgia. Specifically, these activities were designed to facilitate the operation and expansion of investor activities in Georgia and enhance coordination and cooperation among governments, investors, and related stakeholders, with a view toward enhancing the positive impact of FDI.The project's goals, which our team was responsible for, were the development of the database of existing foreign investors in Georgia; up to 50 Interviews with FDI investors to identify the challenges they face during the expansion of their activities as well as relations with government entities and their perceptions about the need of aftercare services; the development and organization of capacity-building workshops for government entities whose activities are related to FDI investment; and delivering recommendations on providing quality aftercare services.<figure class="table" style="width:99.86%;"><table class="ck-table-resized"><colgroup><col style="width:35%;"><col style="width:65%;"></colgroup><tbody><tr><td><h1>How we helped</h1></td><td>The project went through different stages to achieve the initial goals. At first, our team created a database of FDI investors by combining data from several sources. In addition, we developed a sustainable methodology for updating the database. In the second stage, our team formulated a set of clear recommendations to improve investor aftercare services. These recommendations were based on in-depth interviews conducted among C-level executives of international companies or FDI investors in Georgia.</td></tr></tbody></table></figure>Investors’ feedback can be vital for policymaking and overall investment retention. The foreign investor perception survey was designed to help identify and consolidate information about the specific aftercare challenges and issues active investors face in Georgia. This comprehensive feedback enabled our team to provide policy and institutional-level recommendations.In the next stage of the program, SavvY’s partner FDI Center developed a detailed program and training materials for the capacity-building workshops. Capacity-building workshops were conducted among high-level stakeholders and Enterprise Georgia to enable the delivery of quality aftercare services and share the international practices. We presented the recommendations to the EG's team at the workshop, observed&nbsp;their inputs, tailored recommendations according to present EG resources, and then delivered our findings to the EG and MoESD management teams.Furthermore, the SavvY team and FDI Center designed the follow-up survey to be used by EG after the conclusion of the project to collect feedback from investors. In addition, our team developed a sustainable methodology for updating the database of FDI investors and prepared recommendations for data sources (such as Geostat or NAPR) to improve the data collection process if needed.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/IMG_4407_min_1_1143892b34.jpg" alt="IMG-4407-min (1).jpg"> &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/IMG_4408_min_1_d8a55c7f87.jpg" alt="IMG-4408-min (1).jpg"> &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/IMG_4406_min_1_7ff3a939dd.jpg" alt="IMG-4406-min (1).jpg"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<figure class="table" style="width:99.92%;"><table class="ck-table-resized"><colgroup><col style="width:30.16%;"><col style="width:69.84%;"></colgroup><tbody><tr><td><h1>Impact and potential</h1></td><td>During the project, 50 foreign investor company representatives were surveyed, and a database of around 7,500 companies receiving FDI was created. In addition, the methodology for updating the database was provided, and key personnel was trained through workshops.As a result, the project outcomes enabled Enterprise Georgia to gather investors’ feedback for more effective policymaking.&nbsp;At the same time, the recommendations provided by our team and FDI Center will strengthen the capacity of Enterprise Georgia to enhance the provision of the aftercare services.</td></tr></tbody></table></figure>&nbsp;

European Bank for Reconstruction and Development (EBRD)

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Foreign Investor Perception Survey and Improvement of Aftercare Capacity of EO (Georgia)

During the May-June 2018 period, SavvY conducted corporate trainings about analyzing financial statements and using accounting ratios at T&amp;K Restaurants. The 16-hour training was fully adapted to the needs and realities of the fast food industry. The main topics covered during the training were the following:<ul><li style="text-align:justify;">Analysis of Financial Statements</li><li style="text-align:justify;">Connection between different statements</li><li style="text-align:justify;">Framework of monetary policy in&nbsp; Georgia</li><li style="text-align:justify;">Exchange rate modes</li><li style="text-align:justify;">Budgeting</li><li style="text-align:justify;">Ratios analysis and KPI</li></ul>

T&K Restaurants

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 Financial Management

Financial Reporting

Financial Training in McDonald’s Georgia

News

<img src="/uploads/431198983_798814932284193_5123008915115861742_n_e2a0c757f2.jpg" alt="431198983_798814932284193_5123008915115861742_n.jpg">Mariam Koyava, the managing partner of SavvY, actively participated in the recent ICT Annual Meeting organized by the ICT Association of Georgia. The forum brought together stakeholders from the technology sector to discuss the current and future potential of Georgia's tech ecosystem.Mariam Koyava moderated a panel discussion on navigating the digital landscape and fostering collaboration between the public and private sectors.

ICTA Annual Meeting

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Mariam Koyava Moderates Panel on Navigating Georgia's Digital Landscape

Press Releases

<figure class="image image_resized" style="width:100%;"><img src="/uploads/mariam_qoiava_w_h_7be886294e.jpeg" alt="mariam-qoiava_w_h.jpeg"></figure>Mariam Koyava discusses the dynamics of foreign direct investments on BMGTV's "Business Morning" program and in the joint column of BMG and SavvY, "time to invest," evaluating the impact of current events on FDI.Koyava notes that foreign investment dynamics in Georgia have remained stable since COVID-19. However, projecting the dynamics in 2024 is difficult due to ongoing processes in the region.“Regarding the dynamics of FDI, we can say that considering the COVID-19 factor, it is progressing steadily. Naturally, there were setbacks during the COVID-19 outbreak, as experienced by many other countries. However, we have observed growth in both volume and across various sectors. Notably, FDI has been active in trade, infrastructure, and energy.It will be challenging to assess the dynamics of 2024 due to what is happening in the region, the world, and the country - we call it "a hot" year when the dynamics can change daily," says Mariam Koyava.When asked about the impact of uncertainties on foreign direct investment, SavvY's managing partner explains that it is one of the biggest obstacles for investors, especially regarding long-term projects."Business and investments do not like uncertainty, and they don't like it very much - stability and consistency are essential factors for many investors and can even be vital. As investing in many sectors is not a short-term process, some sectors require quite a long-term development.Here, we often use McKinsey's strategic framework, where there are 4 business strategy levels, starting with&nbsp; 'A clear enough future' and ending with 'True ambiguity'. We use specific parameters to measure where a specific sector in a particular country falls within this framework. This is because uncertainty in any country or the world does not equally affect all sectors - some are affected more, and others are affected less. In some industries, uncertainties even create opportunities. But the main result of using this framework is that it reveals general behavioral regularities in times of uncertainty: do nothing, stop, wait, observe, assess the risks, and make a decision after that," explains Mariam Koyava.The managing partner of SavvY also discusses the sectors where FDI volumes are sustainable and stable.“Our research reveals an interesting trend that interest remains, first of all, in natural resources. For example, uncertainty does not affect investors' interest if there is oil, although Georgia cannot boast of having it.The second area encompasses sectors where value is created and maintained within the country, such as real estate, energy, industries focused on domestic trade, and the banking sector. Typically, interest in these sectors is increasing. However, local investors generally show more interest in these areas, leading to a decrease in direct foreign investments," explains Koyava.&nbsp;<a href="https://bm.ge/news/bizness-da-investitsiebs-gaurkvevlobebi-ar-uyvart-mariam-qoiava-fdi-ze">Read the full interview in Georgian here</a>

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"Business and investments do not like uncertainty" - Mariam Koyava

<figure class="image"><img src="/uploads/438162000_834046998760986_4601690486427395792_n_7f1aa1dd74.jpg" alt="438162000_834046998760986_4601690486427395792_n.jpg"></figure>ExpoGeorgia hosted the Real Estate Expo, which happened to be the biggest exhibition so far in Georgia. SavvY’s Managing Partner, Mariam Koyava, moderated the panel that discussed the overall investment climate in Georgia, EU Candidacy, and Perspectives for the Construction and Real Estate Industry in Georgia.The esteemed guests participating in the panel discussion were Mikheil Khidureli, CEO of Enterprise Georgia, Artis Zeila, head of strategic partnerships in the real estate division at Citadelle Bank, Latvia, and Marek Gola, a shareholder of Mirbud S.A (one of the most successful construction companies in Poland).

Real Estate Exhibition

Managing Partner of SavvY, Mariam Koyava, Moderates Key Panel at Georgia's Largest Real Estate Expo

<img src="/uploads/NZ_57218_fed149ce13.jpg" alt="_NZ57218.jpg">As Georgia strides towards closer ties with the European Union, the preparedness of our municipalities is the key to fostering dynamic, smart, and future-ready local development. The EU and UNDP through the #Mayors4EconomicGrowth #M4EG initiative are empowering selected municipalities with the training and support they need to leverage the funding and investment tools available in the EU.Currently, 11 Georgian municipalities, selected through a competitive process, are embarking on a journey with the 'Financial and Investment Preparedness Academy. &nbsp;This specialized programme builds municipal capacities for applying EU financial instruments and other accessible funding opportunities. Training and coaching will help municipalities craft effective positioning strategies and develop competitive investment ideas and project proposals for funding institutions and development partners. The programme will also assist these municipalities in assessing their existing financial mechanisms and aligning them with the relevant instruments of the EU, financial institutions, and development partners.&nbsp;<a href="https://www.facebook.com/hashtag/eu4georgia?__eep__=6&amp;__cft__[0]=AZVwHcnOUuhQfuAPRb2xoriWYnSlV4ENlWL_KzBtVSA-c9YmDajnW48wIOTpBhKgK_dEngLCG_eddn87a3wusq8I6qQQw4jHhhxjTyYCL5CuaEtU0t84g9BUhKwj0bff-YDcx-zcAI12RPw6aeSBHaUkrQoccGL91kW3f-p3dn2VMpL2Yqwo2SswznGiQ8DcaKY&amp;__tn__=*NK-R">#EU4Georgia</a>&nbsp;📸: UNDP/Vladimir Valishvili&nbsp;

Mayors for eg meeting - mariam koyava speech

M4EG

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M4EG Funding & Investment Preparedness academy

<figure class="image image_resized" style="width:100%;"><img src="/uploads/mariam_qoiava_w_h_c77d9d8a75.jpeg" alt="mariam-qoiava_w_h.jpeg"></figure>"Our next goal should be to attract quality investors," Mariam Koyava, managing partner of the consulting company SavvY, said during a visit to the BMGTV program Redact2. Koyava mentioned that work is underway in this regard.To the question of whether we should take pride in the foreign direct investment trends in Georgia, the respondent answers that the country has a positive trajectory considering the current situation in the region."Foreign direct investments are a significant parameter for all countries because, along with the cash inflow, investors often demand highly skilled labor and transfer knowledge and experience to the country. A question is frequently asked - why do we care so much about FDI instead of domestic investors? Regarding direct foreign investments, we have a normal indicator given the situation we have to contend with, including the post-COVID period, regional unrest, and the war factor; these are critical and sensitive issues.I think Georgia has a good trajectory in this respect, but what more can we do? In my opinion, our next step should be, and as far as I know, they are working on it, to attract quality investors. That is, not just investors who come in, carry out a project, and leave with their money, but rather investments that involve reinvestment over the medium term and leave behind knowledge and experience in the country," explained Koyava.When asked if Georgia has an attractive investment environment, Mariam Koyava says that Georgia must find its own niche and offerings to compete with other countries."Regarding investment attractiveness, if we look at taxes, we have quite loyal and attractive policies. The issue of the court system continues to be an obstacle for many investors, so private arbitration or adherence to international law may be utilized to enter or invest in the country. Litigation may be a concern, but investors can hedge against this risk through arbitration. We cannot attribute the lack of investor interest solely to the court system.And as for how Georgia might be found interesting, I believe we have offerings that could pique interest, such as the foreign direct investment grant or the loan subsidy component for many sectors, etc. Today, the competition for international investors is fierce among countries. Many nations are striving to showcase their competitive advantages; we need to demonstrate to investors why it is more advantageous and profitable for them to invest in our country. I think we should emphasize our competitive advantages more," said Mariam Koyava.She believes that Georgia has the potential to develop the balneotherapy and wellness sector.&nbsp;<a href="https://bm.ge/news/chveni-shemdegi-mizani-unda-iyos-rom-khariskhiani-investorebi-shemoviyvanot-mariam-qoiava">Read the full interview in Georgian here</a>

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

Growth Hubs in Georgia

Foreign Investor Perception Survey and Improvement of Aftercare Capacity of EO (Georgia)

Financial Training in McDonald’s Georgia

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Publications

Mariam Koyava Moderates Panel on Navigating Georgia's Digital Landscape

"Business and investments do not like uncertainty" - Mariam Koyava

Managing Partner of SavvY, Mariam Koyava, Moderates Key Panel at Georgia's Largest Real Estate Expo

M4EG Funding & Investment Preparedness academy

"Our next goal should be to attract quality investors" - Mariam Koyava

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