TOKYO : Printing giant Seiko Epson is betting on growth in the Middle East and Africa as demand ebbs in its home market of Japan and other developed nations, its chief executive said.
The company got a boost in sales during the COVID-19 pandemic as the push toward working from home increased demand for personal printers. But Epson faces long-term stagnation in mature markets as populations decline and digitalisation grows.
"Our products are not yet widely distributed in the Middle East, and there is tremendous potential there," Yasunori Ogawa said in an interview after the company posted quarterly results on Friday. Ogawa said the company expects conditions to improve in the second half as inventory costs abate and a peaking out of inflation stokes consumer demand.
The company's PaperLab machines, for example, break down used office paper to make blank sheets. The machines are large and are still more expensive to use than standard printers and new paper, but the company is working to bring down the operating cost, Ogawa said.
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