A new report jointly conducted by the Hong Kong Trade Development Council (HKTDC) and the Italy China Council Foundation (ICCF) reveals that Hong Kong is considered a priority market and essential trading partner for many Italian businesses eyeing expansion in Asia. The survey, titled "Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors," was conducted in Q3 2025 among 172 Italian C-suite and senior business leaders. It forms part of the upcoming Think Business, Think Hong Kong (TBTHK) campaign set to take place in Milan, Italy on 27 November.
According to the findings, 77% of Italian businesses are enthusiastic about expanding in Asia, with the Chinese Mainland and Hong Kong as their top priority markets. Irina Fan, Director of HKTDC Research, noted that 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans over the next three years. Hong Kong's role as a strategic gateway to Asian markets and its capabilities as a logistics and supply chain management hub were widely acknowledged.
The survey also highlighted limited awareness and low utilization of regional trade agreements, particularly the Regional Comprehensive Economic Partnership (RCEP) and the Closer Economic Partnership Arrangement (CEPA). While 51% of respondents are capitalizing on RCEP benefits, 60% anticipate new opportunities if Hong Kong joins the pact. Regarding CEPA, 80% of Italian businesses were unaware of the agreement, with only 12% currently leveraging its advantages through Hong Kong partnerships. Sara Berloto, Head of Research for ICCF, emphasized the need for comprehensive information and training to help companies, especially SMEs, better utilize these agreements.
The report underscores significant opportunities amid already strong ties. In 2024, trade between Italy and Hong Kong reached US$8.3 billion, making Italy Hong Kong's fourth-largest EU trading partner. As of 2023, Hong Kong was the third most significant destination for Italian investment in Asia, and the city was the third-largest Asian investor in Italy. Some 200 Italian companies are active in Hong Kong as of 2024.
By sector, 95% of Italian innovation and technology companies plan to expand in Asia, followed by 88% in healthcare and 86% in retail/wholesale. These align with Hong Kong's focus on innovation, life sciences, and e-commerce. The full report will be launched at TBTHK Milan on 27 November, which will feature a symposium, exhibition, and business matching meetings. Financial Secretary Paul Chan and HKTDC Chairman Prof Frederick Ma are among the speakers.
