Russia is a key market for many of the firms and business there has suffered due to the conflict in Ukraine and the attendant economic sanctions, and the depreciation of the rouble.

Bušen said firms which have local ventures in Russia were doing business as usual. Overall sales there declined by about 5% but the shortfall is expected to be offset in joint ventures with Russian partners as domestic components gradually displace imports.

Nevertheless, these firms are struggling with input prices. "It doesn't help to produce components with the majority of inputs imported from Europe...A lot of work is therefore being put into sourcing local raw materials, which significantly reduces costs."

The car cluster is also keeping an eye on Turkey, another major emerging economy. "Turkey is undoubtedly an interesting market, but what interests us most are joint ventures on third markets," according to Bušen.

For example, Bušen believes Turkish firms could leverage their cultural ties in Muslim parts of Russia, while Slovenian partners can offer their connections in the European part of Russia, including Samara Region, Moscow and Saint Petersburg.