With the pandemic’s economic impact felt across Europe, emerging markets in the Near East are becoming a lucrative destination for manufacturing businesses looking to grow their exports.
Lucas Diesel SE, one of Europe’s leading distributors of spare parts for diesel and petrol engines has been forging ahead with its growth plans as demand rises in the Middle East and Asian markets.
With car production being one of the hardest hit sectors of the UK and European economies, the pandemic has disrupted supply chains leading to difficulties in accessing spare parts. Lucas Diesel SE has been an important partner for many manufacturing businesses across Europe, and with demand returning, it sees a big opportunity for international businesses in the Near East, comprising of markets including Turkey, Dubai, Egypt, Israel and Saudi Arabia among others.
Speaking with Britain Daily this week, Asama Hashmy, CEO for Lucas Diesel SE said “Lucas Diesel SE mediates deals between the producers from Europe and sellers in Near East countries. In addition to that, we are distributing spare parts and components in the automobile industry.”
Originally from Iraq, Hashmy started his business in the Czech Republic, and over the past 20 years, he has cultivated connections with industry leaders across the Middle East. But he admits that it is not always easy to do business in the region.
“The problem is the political instability in the region which is reflected in the sharp changes of the currency value. Sometimes even big changes of import regulations can have a substantial impact on supply chains and you have to monitor the situation constantly in order to react quickly,” said Hashmy.
With strict licensing requirements and regulations for many countries, Lucas Diesel SE has helped businesses reduce their costs and provides specialist services in emerging markets for European manufacturers and traders alike.
Following the easing of lockdown restrictions, the uptick in demand across Europe and the Near East is cause for optimism, and with growing populations in countries like Turkey – demand is set to keep rising for the foreseeable future.
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