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Opinions & Interviews

2 Nov 2016

Better valuation practices named important for Belarusian economy

Better valuation practices named important for Belarusian economy

MINSK, 2 November (BelTA) – Efforts to improve valuation practices are becoming increasingly important for the Belarusian economy. Chairman of the State Property Committee of Belarus Andrei Gayev made the statement on 2 November as he read out the salutatory address sent by First Deputy Prime Minister of Belarus Vasily Matyushevsky to participants of the first national congress of valuation agencies, BelTA has learned.

According to the salutatory address, it is important to improve valuation practices in Belarus for the sake of the national economy. “Since such activities are related to various branches of the economy, national approaches to valuation, which are based on international standards, allow securing a considerable economic effect in addition to reducing financial risks,” the document reads.

First Deputy Prime Minister of Belarus Vasily Matyushevsky believes that the state regulation of valuation business, including efforts to improve the legal base, guidelines, and information support, should be done taking into account international experience and the opinion of business communities. In his salutatory address Vasily Matyushevsky spoke in favor of maintaining a constructive dialogue with the State Property Committee as the agency in charge of regulating valuation business. “It is important that such interaction has already been established,” stressed the First Deputy Prime Minister.

Vasily Matyushevsky is also convinced that the opportunity to discuss the operation of the valuation services market during the congress will contribute to the development of valuation services. Representatives of government agencies and business communities, including from foreign countries, will take part in the discussion.

Chairman of the State Property Committee of Belarus Andrei Gayev said that it has been ten years since the presidential decree on valuation business was passed. “In the period the government has done everything possible and has made a tangible contribution to the development of valuation business in the country. Legislation based on international standards has been developed. The necessary infrastructure has been set up. A sufficient number of valuation agencies, which are capable of providing quality valuation of objects of civil rights, has been certified,” said the official.

The first national congress of valuation agencies is scheduled to take place in Minsk on 2-3 November. The forum gathered about 90 representatives of major valuation agencies, self-employed businessmen, representatives of the government agencies in charge of regulating valuation business, representatives of higher education institutions and other parties interested in the development of valuation activities.

Guests from Russia, Ukraine, Moldova, Georgia, Kazakhstan, Kyrgyzstan, and Uzbekistan are taking part in the congress.

The forum has been organized by the Belarusian association of valuation agencies with assistance of the State Property Committee. The congress is supposed to improve professional competences of the forum participants. Representatives of the business community and government agencies are expected to work together to work out tactical measures, solutions to take care of strategic goals, and tasks to develop valuation business for the next three years.

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