Canon allocates 8% of its annual spending on research and development
Canon allocates 8% of its annual spending on R&D
Canon opened a regional office in Egypt for MENA and expanded recruitment of Egyptian employees
Canon, the company specialised in manufacturing cameras and printer solutions, plans to expand its business in the Egyptian market, as well as in Ethiopia, Ghana, Senegal, and Ivory Coast over the upcoming years.
Somesh Adukia, regional sales director at Canon Middle East, told Daily News Egypt that the company believes that the Egyptian market is full of opportunities for growth despite the number of challenges present, most notably the appreciating US dollar rate. The company expects sales of photography products to increase by 15% in 2016.
How do you evaluate the Egyptian market at the current time?
The company has a great interest in investing in the Egyptian market. We consider it promising owing to its size and the 90 million citizens living in Egypt. The youth represent a large demographic, and they usually embrace modern technology. This gives us great confidence in pushing investments into the Egyptian market.
According to a report by Smithers PIRA about the sector, it is expected that the print market in the Middle East will increase by 7.5% annually, reaching nearly $26.3bn by 2018. In Egypt in particular, the number of manufacturers of printers and printing materials has continued to increase, reaching nearly 8,000 companies in this sector. There is a brilliant future coming for this sector.
What do you aim to accomplish in this market during the upcoming phase?
We hope to increase growth rates in the photography solutions sector and its products. We also seek to launch marketing and educational campaigns to introduce the importance of cameras and photography technology. We also seek to introduce new lens types and accessories that enhance photographs.
What are the most prominent challenges facing the company in the Egyptian market?
There are several obstacles facing the company, most prominently, the instability of the US dollar exchange rate, which negatively impacts the company’s export of its products. It is expected that the Egyptian market will witness economic stability in the long run, which will easily be reflected on the activity of the company in the local market during the upcoming period.
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