The three transition economies of the South-Caucasus: Armenia, Azerbaijan and Georgia lie to the south of the principal Caucasian mountain range, and situated on the crossroads between Europe and Asia they absorbed the culture of both and cannot to this day decide with which they have greater affinity. During the last decade, tremendous progress has been made in the transformation and transition process towards a market economy. However, inadequate framework conditions and an unfavourable macroeconomic environment in the Caucasian region still have been impediments to entrepreneurship and private sector development. The present publication gives the characteristics of the SME sector in the Caucasus transition economies, provides information on SME definition, highlights the major legislative measures, laws, summarizes the support measures for SMEs, provides a SWOT analyses of the SME sector.

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Views on the future are based on supplies from a relatively stable Middle East and continued economic growth in the southeast Asian and Pacific countries. Under these circumstances the oil market for the Association of Southeast Asian Nations (ASEAN) will expand considerably during the decade of the 90's. Pacific country demand, 5.92 MMB/D, in 1990 is likely to grow to 7.06 MMB/D in 2000. Regional production could supply about 40% of this. The Asia-Pacific shortage of refining capacity could lead to high regional refined product prices and healthy refining profit margins.