OCO Global expand US operations with Silicon Valley office and six senior hires
BELFAST-based trade and advisory specialist OCO Global has expanded its operations in the US in response to growing demand for its services.
It has added six new senior hires and is planning to open an office in Silicon Valley to support its West Coast business.
And it has also secured new contracts with the states of New York, Delaware, Virginia and South Carolina, and now provides advice on boosting international trade to 15 out of 50 US states.
Chief executive Mark O'Connell said: “Our business in America has seen consistent growth in the last two years and we see further potential as companies from the UK look across the Atlantic to expand in anticipation of a UK-US trade deal.
“UK-US trade in goods and services totalled more than £250 billion last year, and with a prospective US trade deal set to remove barriers on a vast majority of this trade, it's likely there will be further growth in the coming years as UK companies seek to pivot away from the EU market.”
He added: “We would encourage UK firms to target individual states as a starting point to grow their business in the US, many of whom have domestic markets the size of significant G20 economies. The US market as a whole may seem a daunting prospect but entering the market can be much more manageable when broken down at state level.
“The long-standing economic relationship between the UK stretches beyond trade, there is a history of bi-lateral foreign direct investment and the UK over time has been the number one investor in the US with investment stock totalling £500bn.
“UK companies who are seeking to invest the US not only get access to the world's largest market but are treated as a US company and can enjoy the benefits from this.
“Foreign-owned businesses can export from the US taking advantage of existing trade agreements UK owned companies in the US export £40 billion worth of goods to other international markets such as China, Canada and Mexico.
“New US President Joe Biden will bring a shift in US trade policy and as a result the scales of global trade will shift once again to bring new opportunities for all in the US market.
“As the US transitions from President's Trump trade policy, we are looking forward to new ideas President Biden and his trade team will bring to the table.”