Mediterra SA, a subsidiary of the Union of Mastic producers of Chios and manager of the mastihashop chain of stores founded in 2002, is implementing a three-year investment plan worth 2.5 million euros.

Yiannis Mandalas, Mediterra's CEO, speaking to reporters at an event on Wednesday, said the company completed 15 years of successful operation, presenting stable growth rates, making investments based on innovation and expanding to new markets, promoting the Chios mastic gum around the world.

"Τhe company is still alive despite an economic crisis. We invest in Chios, where mastic gum and shipping still hold the island at a relatively good level. We plan to invest around 2.5 million euros in the next three years, along with a 3.5-million-euro investment programme run by the parent company," Mandalas said.

The company will set up a Mastic Research Center in Chios in 2018, expand its existing production facilities in Kallimasia and participate in research projects, aiming to develop innovative and high added-value mastic gum products.

The Union of Mastic Producers of Chios, Mediterra, Iasis Pharma, Farma Group and Farm Gnosi will be shareholders in the Research Center.

Mediterra signed an agreement with Jam Joom, the fourth largest pharmaceuticals distributor in Saudi Arabia, for the distribution of food supplements and mouth hygiene products Mastiha Art of Nature in Saudi Arabia.

"The company has great expectations of this deal," Mandalas said, adding that the launch of products is expected between May and June 2018. Mastihashop launched its first shop in Doha, Qatar in November, the sixth in the region.

Mediterra operates a network of 17 shops in Greece and abroad.