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OCO Global Wins $12m Contract To Expand Global Economic Development Work With New York State

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OCO Global

12th Nov 2024

Advisory Firm Wins $12m Contract To Expand Global Economic Development Work With New York State

OCO Global has helped facilitate $1bn in investment projects to date

Belfast-based OCO Global has been appointed by New York State’s economic development agency, Empire State Development (ESD), as its global trade and investment delivery partner.

 The five-year, $12m contract is one of OCO’s largest wins in its history. OCO will provide overseas representation, support investment in New York state and help New York firms expand and trade internationally.

New York state is the third largest economy in the U.S. after California and Texas, with a gross GDP of more than $2 trillion. The state is home to over 50 Fortune 500 firms, including Citi and Pfizer, and is a hub for Fintech and Advanced Manufacturing sectors.

Gareth Hagan, CEO, of OCO Global, said:

“Over the past five years, OCO has partnered with Empire State Development to attract European investment to New York. Since 2021, we have facilitated planned investment projects totaling nearly $1 billion, including a $107 million French pharmaceutical investment and a $50 million acquisition by Irish nutrition company Kerry Group.

“Building on that success, OCO will now represent New York state internationally, including in the key markets of Europe, Americas and Asia. Only a handful of firms globally have the skillset and networks to provide international representation at this scale.

“With a clear result in the US election now is the time to focus on business opportunities. We are thrilled to work with ESD to support one of the world’s most dynamic economies.”

Empire State Development President, CEO and Commissioner Hope Knight said:

“Through its expanded partnership with OCO Global, Empire State Development is strengthening its commitment to grow New York’s economy through global trade and investment. By leveraging OCO Global’s expertise, we are providing New York State businesses with the tools and opportunities to succeed in international markets, driving innovation and creating jobs for communities across the state.”

In line with the Inflation Reduction Act, New York state is focusing economic development on Clean Energy production and climate-friendly infrastructure. The state recently passed a $10bn Green Chips programme to support investment in the Semiconductor sector.

Colin McCullagh, Chief Revenue Officer, OCO Global, added:

“New York state’s economy is around half the size of the UK’s. If it were an independent country, it would be the tenth-largest economy in the world.

“OCO has been deeply immersed in New York State since 2008, with a longstanding office presence that uniquely positions us to speak credibly to potential high-impact investments that create jobs in rural areas and establish future Tech hubs, particularly around Microelectronics.  

“With 1,000 shovel-ready sites and a 0% corporate income tax rate for qualified manufacturers, the opportunities for overseas investors in New York are manifold.

“OCO’s networks in UAE, China, Canada, Japan and Europe will be instrumental in driving continued investment and helping New York firms expand their international presence.”

Western Europe remains the top investor in New York State, accounting for 70% of projects, 65% of capital expenditure, and 73% of jobs over the last five years, with the UK, France, and Germany leading the way. ESD’s target is to double European investment into the state.

In the last two years, the state’s focus on the Semiconductor sector has encouraged Micron to invest $100bn to create the US’s largest fabrication facility while GlobalFoundries has committed $11.5bn to expand its manufacturing capabilities in the state.