Hong Kong is regarded by many Italian companies, increasingly oriented towards Asia, as a priority market and a strategic business partner. This is according to a new report - "Asian expansion priorities of Italian companies: innovation, healthcare and retail sectors' - jointly implemented by the Italy China Council Foundation (ICCF) and the Milan office of the Hong Kong Trade Development Council (HKTDC).
The research is part of the next edition of HKTDC's flagship promotion campaign, Think Business, Think Hong Kong (TBTHK), which will be held in Milan on 27 November. The event will bring together over 700 business leaders, officials and investors from Hong Kong and Italy to explore new business opportunities and partnerships in Asia.
Primarily targeting Italian companies operating in Hong Kong, Mainland China and Asia, the survey was conducted in Q3 2025 and involved 172 Italian business executives.
Commenting on the findings of the report, Irina Fan, Director of the Research Department at HKTDC, said: "According to the survey results, 77% of Italian companies are really enthusiastic about the idea of expanding in Asia, with mainland China and Hong Kong as priority markets".
"It is particularly encouraging to see Hong Kong ready to play such a vital role in facilitating the Asian expansion of these companies. When asked how Hong Kong can support expansion plans in Asia over the next three years, about 93% of respondents said the city can effectively support future plans. Its undisputed role as a strategic gateway to Asian markets and its logistics and supply chain management capabilities were widely recognised"he added.
Facilitating expansion and exploiting trade agreements
The survey also highlighted the lack of awareness and limited use of several regional trade agreements. Two agreements in particular stand out for their potential to transform economic relations between Hong Kong and Italy.
The Regional Comprehensive Economic Partnership (RCEP) is the world's largest free trade agreement, comprising ASEAN, mainland China, Japan, South Korea, Australia and New Zealand. Currently, 51% of the respondents are reaping the benefits, but there remains ample room for growth. Should Hong Kong's application to join the RCEP be accepted, 60% of Italian businesses believe it would open up new economic opportunities and strengthen ties with the city.
Another key agreement is the Closer Economic Partnership Arrangement (CEPA), which has offered Hong Kong-based suppliers of goods and services privileged access to the vast Mainland Chinese market since 2003. Despite the long existence of the agreement, about 80% of the Italian companies surveyed stated that they were either unaware of it or did not know how to exploit its benefits. Only 12% currently utilise the opportunities offered by CEPA through strategic partnerships in Hong Kong.
Commenting on these results, Sara Berloto, Head of the ICCF Study Centre, noted: "The survey showed that many Italian companies could make better use of existing regional trade agreements, in particular the RCEP and CEPA. Overall, there is a strong need for information, training and institutional support initiatives to help SMEs in particular to make more strategic use of these agreements".
Concrete opportunities on already strong links
Looking at the big picture, the opportunities for Hong Kong SMEs appear considerable. In particular, 77% of Italian companies plan to expand in Asia in the next three years, with mainland China, Hong Kong, Japan, South Korea and India being their preferred markets.
Looking at sectors, 95% of Italian innovation and technology companies intend to expand in Asia, followed by 88% of those in healthcare and 86% in retail/wholesale. These figures align with Hong Kong's new industrial strategy, which focuses on innovation and technology, life sciences and healthtech, as well as numerous e-commerce initiatives.
Such developments would help further strengthen the strong economic relationship between Italy and Hong Kong. In 2024, trade between Italy and Hong Kong reached USD 8.3 billion, positioning Italy as the EU's fourth largest trading partner for Hong Kong and the EU's third largest import market.
By the end of 2023, Hong Kong was the third largest destination for Italian investment in Asia. Hong Kong investors also made substantial investments in Italy, making the city the third largest Asian investor in the country. By 2024, there were about 200 Italian companies active in Hong Kong.
Think Business, Think Hong Kong
The full report will be presented during the event Think Business, Think Hong Kong, in Milan on 27 November (click here for the agenda and to register for the event).
Following the success of the Paris and Jakarta editions, TBTHK Milan will bring together some 80 speakers and exhibitors from Hong Kong - including government representatives, business leaders, innovators, investors and startuppers - for a day of dialogue, networking and partnership building with Italian companies interested in expanding in Asia.
The initiative will include a full-day symposium and an exhibition area with the Business Support Zone and the InnoVenture Salon, where some 20 Hong Kong service providers and start-ups will present their products and solutions. B2B meetings will be organised to foster agreements and collaborations between Italian and Hong Kong companies.
The programme will also include the traditional Hong Kong Dinner. During the symposium, Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, Prof. Frederick Ma, Chairman of HKTDC, and representatives of the Italian government, will deliver the opening speeches. High-profile speakers from different sectors will share their insights in the plenary session, while four thematic sessions will explore strategic areas such as finance and trade, innovation and technology, global supply chain and creativity and design. The sessions will explore the shared priorities between Hong Kong and Italy and offer concrete insights into opportunities for collaboration.
