Hong Kong is seen as a priority market and an essential trading partner by many of Italy’s increasingly Asia-focused businesses. This is among the key findings of a new report – Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors – jointly conducted by the Hong Kong Trade Development Council (HKTDC) and the Milan-headquartered Italy China Council Foundation (ICCF).

The research forms part of the forthcoming edition of the HKTDC’s signature promotion campaign Think Business, Think Hong Kong (TBTHK), set to take place in Milan, Italy on 27 November. The event will bring together over 700 business leaders, officials and investors from both Hong Kong and Italy to discover business and partnership opportunities in Asia.

Primarily targeted at Italian companies with business in Hong Kong, the Chinese Mainland and Asia, the research survey was conducted in Q3 2025, covering 172 Italian C-suite and senior business leaders.

Commenting on the significance of the report, Irina Fan, Director of HKTDC Research, said: “According to the survey findings, 77% of Italian businesses are genuinely enthusiastic when it comes to expanding in Asia, with the Chinese Mainland and Hong Kong being their priority markets.”

“It is particularly gratifying to see Hong Kong poised to play such a vital role in facilitating the Asia expansion of such businesses. When asked about how Hong Kong can facilitate Italian business expansion in Asia over the next three years, some 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans. Its unrivalled status as a strategic gateway to many Asian markets, as well as its capabilities as a logistics and supply chain management hub, were also widely acknowledged,” she added.

Facilitating expansion and leveraging trade agreements

When it came to future opportunities, the survey also highlighted the relatively limited awareness and low utilisation of many regional trade agreements. In particular, two agreements emerged as having significant potential to transform the commercial relationship between Hong Kong and Italy.

The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest free trade agreement, encompassing the ASEAN bloc, the Chinese Mainland, Japan, South Korea, Australia and New Zealand. While 51% of respondents are currently capitalising on its benefits, huge untapped potential remains. Should Hong Kong’s application to join the RCEP be successful, 60% of Italian enterprises anticipate that it would unlock new economic opportunities and strengthen their engagement with the city.

Another pivotal agreement is the Closer Economic Partnership Arrangement (CEPA), which has provided Hong Kong-based suppliers of goods and services with privileged access to the vast Chinese Mainland market since 2003. Despite CEPA having been in place for many years, some 80% of the Italian businesses surveyed were unaware of the agreement or how to leverage its benefits. This reveals a major opportunity, as only 12% are currently making use of CEPA’s advantages through strategic partnerships in Hong Kong.

Putting the survey and its findings into perspective, Sara Berloto, Head of Research for the ICCF, said: “The survey highlighted many Italian companies can better leverage several existing regional trade agreements. This was most notably the case with the RCEP and CEPA. Overall, there is a real need for comprehensive information, training, and institutional support initiatives in order to ensure companies — especially SMEs — can heighten their strategic utilisation of such agreements.”

Apparent opportunities amid already strong ties

Looking at the broader picture, the scale of opportunity available to Hong Kong SMEs is striking. Most notably, 77% of Italian companies plan to expand within Asia over the next three years, with the Chinese Mainland, Hong Kong, Japan, South Korea and India cited as their preferred markets.

By sector, 95% of Italian innovation and technology companies plan to expand in Asia, followed by 88% of healthcare companies and 86% of enterprises in the retail /wholesale sector. These findings align well with Hong Kong's new industry focus on innovation and technology, the life sciences and healthtech, as well as the raft of ambitious e-commerce initiatives the city has committed to.

Such developments would further enhance the strong business relationship between Italy and Hong Kong. In 2024, trade between the two amounted to US$8.3 billion (HK$64.5 billion), positioning Italy as Hong Kong’s fourth-largest EU trading partner and export market and its third-largest EU import market.

As of the end of 2023, Hong Kong was the third most significant destination for Italian investment in Asia. Hong Kong investors also made substantial investments in Italy, with the city being the third-largest Asian investor in the country. As of 2024, there were some 200 Italian companies active in Hong Kong.

Think Business, Think Hong Kong

The full survey report will be launched at TBTHK in Milan on 27 November.

After successful Paris and Jakarta editions, TBTHK Milan will bring together some 80 delegates from Hong Kong, including government officials, top business and creative industry leaders, corporate service professionals, investors and start-up entrepreneurs, for a day of dialogue, networking and partnership-building with Italian companies keen to expand into Asia.

The mega promotion will feature a symposium and an exhibition comprising the Business Support Zone and InnoVenture Salon, where some 20 Hong Kong service providers and start-ups will showcase their flagship products and solutions. Business matching meetings will be arranged to facilitate deals and collaborations between Italian and Hong Kong companies. The programme also includes the Hong Kong Dinner. At the symposium, Paul Chan, Financial Secretary of the Hong Kong SAR, Prof Frederick Ma, HKTDC Chairman, along with representatives from the Italian government, will deliver remarks. High-profile speakers from various industries will share their insights at the Plenary Session. The agenda also includes five thematic sessions, each dedicated to a strategic area including finance and trade, innovation and technology, global supply chains, as well as creativity and design. These sessions reflect shared priorities between Hong Kong and Italy and offer in-depth insights into practical collaboration opportunities.  

To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc