They sometimes have good ones but it's hard to get work permits for some of them.
I found a Saudi Arabian player who had a current ability of 163, worth £500,000. Absolute bargain. Nobody had been scouting him besides Murcia and I (Xerez), and I had to bid once Murcia threw in a bid. I can outbid just about any team in Spain besides possibly Barcelona at the moment so had no problems getting him.
On the other hand, now I have to figure out how to fit him in with a Brazilian/Spaniard, a Bosnian, an Italian, a Norwegian, an Argentine and a Nicaraguan. Yeah, even though I'm Spanish, I can't find any good cheap Spanish strikers...
Other useful areas to look at are the lesser nations of South America, especially if you are in Spain or Portugal (no need to worry about work permits that much). Peru and Colombia seem to produce some decent players out there, including one I forgot to renew a contract with, in another game, he's now worth £16.5 million pounds.