Italian Businesses Identify Hong Kong as Strategic Gateway for Asian Expansion
A new survey reveals strong Italian business interest in Hong Kong as a strategic gateway to Asian markets, with significant untapped potential in regional trade agreements and expansion opportunities across innovation, healthcare, and retail sectors.
A comprehensive survey conducted by the Hong Kong Trade Development Council (HKTDC) and the Italy China Council Foundation (ICCF) reveals that Hong Kong is emerging as a priority market and essential trading partner for Italy's increasingly Asia-focused businesses. The research, which surveyed 172 Italian C-suite and senior business leaders in Q3 2025, forms part of the forthcoming Think Business, Think Hong Kong promotion campaign scheduled for Milan on November 27.
According to the findings, 77% of Italian businesses express genuine enthusiasm for expanding in Asia, with the Chinese Mainland and Hong Kong identified as their priority markets. Irina Fan, Director of HKTDC Research, noted that 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans, acknowledging the city's status as a strategic gateway to multiple Asian markets and its capabilities as a logistics and supply chain management hub.
The survey highlighted significant opportunities in regional trade agreements that remain underutilized by Italian companies. The Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement encompassing ASEAN nations, the Chinese Mainland, Japan, South Korea, Australia and New Zealand, is currently being leveraged by only 51% of respondents. Should Hong Kong's application to join RCEP succeed, 60% of Italian enterprises anticipate it would unlock new economic opportunities and strengthen their engagement with the city. More information about RCEP can be found at https://research.hktdc.com/en/.
Another pivotal agreement, the Closer Economic Partnership Arrangement (CEPA), which has provided Hong Kong-based suppliers with privileged access to the Chinese Mainland market since 2003, remains largely unknown to Italian businesses. Approximately 80% of surveyed companies were unaware of CEPA or how to leverage its benefits, with only 12% currently utilizing its advantages through strategic partnerships in Hong Kong.
Sara Berloto, Head of Research for ICCF, emphasized the need for comprehensive information, training, and institutional support initiatives to ensure companies, especially SMEs, can heighten their strategic utilization of such agreements. The survey revealed that 95% of Italian innovation and technology companies plan to expand in Asia, followed by 88% of healthcare companies and 86% of retail/wholesale sector enterprises.
These expansion plans align with Hong Kong's new industry focus on innovation and technology, life sciences, healthtech, and ambitious e-commerce initiatives. The strong business relationship between Italy and Hong Kong is already substantial, with bilateral trade reaching US$8.3 billion in 2024, positioning Italy as Hong Kong's fourth-largest EU trading partner. As of 2023, Hong Kong was the third most significant destination for Italian investment in Asia, while Hong Kong investors ranked as the third-largest Asian investor in Italy, with approximately 200 Italian companies currently active in Hong Kong.
The full survey report will be launched at the Think Business, Think Hong Kong event in Milan, which will bring together over 700 business leaders, officials, and investors from both regions. The event will feature a symposium with remarks from Hong Kong SAR Financial Secretary Paul Chan and HKTDC Chairman Prof Frederick Ma, along with thematic sessions covering finance, innovation, global supply chains, and creative industries. Additional event details and Chinese language press releases are available at http://mediaroom.hktdc.com/tc.