Seiko Epson, the global printing giant, is looking to expand into the Middle East and Africa, as demand in developed nations, as well as its home market of Japan, dwindles, according to its chief executive.

The company saw sales jump during the Covid-19 pandemic, as the demand for personal printers was suddenly boosted by the work-at-home trend. However as the pandemic passed and people returned to the office, and as populations have declined and workplace digitization grows, the company has been faced with the prospect of longer-term stagnation.

However in fiscal year 2022, the company found that the Middle East, Africa, and Turkey were all sources of growth. To help accelerate that trend, the company is attempting to replicate the success it had in India when it opened a subsidiary specializing in regional sales. In August, the company will set up a new base of operations in Dubai which will directly develop and manage its sales strategies in the region.

In an interview following the company’s release of its quarterly report on Friday, Yasunori Ogawa said, “Our products are not yet widely distributed in the Middle East, and there is tremendous potential there.”

Over the three months through September, operating profit fell almost 70%, forcing the company to reduce its full-year forecast to 80 billion yen ($535 million) from its previous forecast of 100 billion yen.

Ogawa predicted that the company would see its position improve over the second half, due to diminishing inventory costs and as consumer demand picked back up due to the peaking of inflation.

In the process, the company plans to try and squeeze more growth out of developed markets by shifting its portfolio toward commercial and industrial customers with a desire to increase efficiency and reduce waste.

As one example, the company markets a PaperLab machine which can take used office paper, and recycle it into blank sheets. Although the machines are presently larger and for now more expensive to use than standard printers, Ogawa says the company is developing it to bring down the costs of use.

He said, “We place particular emphasis on the environment and would like to expand the use of products that can contribute to that, though it may take some time.”