Independent valuation of property forms the information basis for making effective decisions both in private and state sectors of the economy, ensure protection of property rights. Valuation activity is an important aspect of civil society and market relations in the economy. Valuation activity has become one of the important links in country’s market relation and contributes to further development of such crucial processes as privatization, attraction of investments (including foreign), mortgage financing and business insurance.

In order to speed up the development of valuation activity in line with the requirements put by the current stage of economic development in Uzbekistan, in November 2008 UNDP and the State Property Committee launched the joint project entitled “Support to development of valuation methodology and practice in Uzbekistan”.

Earlier in April 2009 the Concept of development of valuation activity in Uzbekistan until 2012 was presented as the first output of the project. The Concept provided medium-term strategy for the development of the sector in accordance with the economic reforms in the republic. It also aims at increasing the professional level and quality of valuation services in the country and introduction of more effective tools for regulating the valuation activity.

The event has become a logical continuation of the project as it brings to the attention of the public three new National valuation standards in such important areas as valuation of businesses, valuation for privatization, and real estate appraisal. These standards have developed by the group of national consultants - experts in this field, consisting of experienced professional valuers, representatives from the State Property Committee, and academia.

In addition, an independent international consultant from the Russian Federation Mr. Sergey Koplus participated at the development and coordination stages of the process. It is worth mentioning that at the final stage of the process of development, the valuation standards were put up on the official website of the State Property Committee for wide discussion and receiving feedback from the public. It is expected that the new National valuation standards will soon be translated into Uzbek language and registered at the Ministry of Justice of the Republic of Uzbekistan.