Northern Ireland firm expands with multi-million pound UK government contract

OCO Global, the Belfast-headquartered trade, investment and economic development advisory firm, has won a new multi-million pound, five-year contract with the Department for Business & Trade (DBT) to support inward investment in the UK.

The contract has enabled OCO Global to open a new office in Nottingham, its third in the UK, and expand OCO’s existing work with DBT which is led primarily from its Belfast office.

OCO analysts are supporting a drive by DBT to attract higher value investment into the UK focusing on emerging growth sectors such as quantum mechanics, net zero and sustainability. The Belfast firm provides potential investors with bespoke research to support their decision-making processes.

The Nottingham office will initially include five senior analysts specialising in foreign direct investment (FDI). OCO also believes there are opportunities to grow its operations in the Midlands based on the region’s strengths in emerging sectors such as Clean Technologies.

Gareth Hagan, OCO’s CEO, said: “Competition for inward investment has always been fierce but current geo-political events in Ukraine and China, and the impact of Covid-19 on national finances have put immense pressures on supply chains and talent retention.

“Governments have responded globally by moving the focus of their support for inward investment from quantity to quality. The UK has been at the forefront of this shift. Consequently, the decision-making process for investors has become increasingly complex and the need from DBT for enhanced high-end research from our Belfast and Nottingham teams continues to grow.”

Earlier this year a survey of 74 investment promotion agencies across OCO’s international client base found that 75% had developed specific strategies to attract quality rather than quantity FDI projects.

Quality includes projects centred on innovative technology, better qualified jobs and those based in strategically important sectors such as energy and digital. Of the 10 largest FDI greenfield projects announced in 2022, six related to renewable energy and three centred on semiconductor manufacturing.

Naomi Byrne, OCO Global managed services director who leads the DBT account, added: “OCO has been working with DBT for over 12 years and in that time we’ve been involved in some of the largest inward investment projects announced in the UK.

“We’re delighted to have secured additional work from the Department and the expansion into Nottingham gives us a platform to tap into wider economic opportunities in the Midlands. The city has a strong university base and talent pipeline, and the region has an excellent manufacturing base with emerging strengths in Digital Content, Life Sciences and Clean Technologies.

“OCO offers firms advice on international market opportunities and we see a long-term opportunity to grow this side of our business in Great Britain.”

Last year the UK had the largest number of high-value FDI projects in Europe – 788 compared to second ranked Germany with 461. The UK also created more high-value employment through FDI than any other country in Europe – 25,010 jobs in R&D and headquarter operations 1 .