MOROCCO – Toyo Ink SC Holdings Co. Ltd., the parent company of the Toyo Ink Group of Japan has unveiled plans of setting up its first office in Africa in Casablanca, Morocco as it sets to grow its footprint in the continent.
Eyeing the future economic progress of Africa, the company will set up its very first office on the continent, Toyo Ink North Africa for the medium- to long-term timeframe, with paid-in capital of US$2.69 million.
Katsumi Kitagawa, Group chief executive Toyo Ink Group, said that the investments in Northern Africa seeks to tap into the fast growing African economy as the firm gears up for a full-scale business launch into the African continent.
“Following China and India, the African continent is believed to be one of the future growth engines of the global economy.
Up until now, the Toyo Ink Group had been developing its business in the region by way of our existing operating bases. These efforts are now beginning to pay off as sales in the region have been steadily rising.
The decision to establish an office in Morocco is a result of this early success and our need to focus on branding efforts, as we continue to solidify our position as a global single-source provider of integrated printing and packaging solutions,” Katsumi said.
According to the firm, Toyo Ink North Africa will be developing business opportunities for commercial printing inks, liquid (flexo and gravure) inks and adhesives for food packaging, and can coatings.
The north Africa business will be marketing existing Group products while functioning as a market research hub to promote products customized to the needs of the local market, the company said.
Additionally, it will also will focus on expanding sales and development of ink products and increase sales of the Group’s chemical businesses.
“Through its business activities, Toyo Ink North Africa aims to form a solid foundation on which it can make a positive contribution to the growth and development of African nations, over the long term, and ultimately realizing the Group vision of creating a vibrant world in which all living beings and the environment can coexist harmoniously,” the company said in a statement.