Hong Kong is seen as a priority market and an essential trading partner by many of Italy’s increasingly Asia-focused businesses, according to a new report jointly conducted by the Hong Kong Trade Development Council (HKTDC) and the Italy China Council Foundation (ICCF). The report, titled Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors, highlights strong interest in partnerships and significant untapped trade potential.
The research, which surveyed 172 Italian C-suite and senior business leaders in the third quarter of 2025, reveals that 77% of Italian businesses are enthusiastic about expanding in Asia, with the Chinese Mainland and Hong Kong as their priority markets. Notably, 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans, citing its unrivalled status as a strategic gateway to many Asian markets and its capabilities as a logistics and supply chain management hub.
Despite this enthusiasm, the survey found limited awareness and low utilisation of regional trade agreements. The Regional Comprehensive Economic Partnership (RCEP) and the Closer Economic Partnership Arrangement (CEPA) were identified as having significant potential to transform the commercial relationship between Hong Kong and Italy. While 51% of respondents are capitalising on RCEP benefits, 60% anticipate that Hong Kong’s successful application to join would unlock new economic opportunities. More strikingly, 80% of Italian businesses were unaware of CEPA, which has provided Hong Kong-based suppliers privileged access to the Chinese Mainland market since 2003. Only 12% currently leverage CEPA through strategic partnerships in Hong Kong.
Sara Berloto, Head of Research for the ICCF, noted the need for comprehensive information and institutional support to help companies, especially SMEs, better utilise these agreements. The survey also underscored sector-specific opportunities: 95% of Italian innovation and technology companies plan to expand in Asia, followed by 88% in healthcare and 86% in retail and wholesale. These align with Hong Kong’s focus on innovation, life sciences, and e-commerce.
The existing trade relationship between Italy and Hong Kong is robust. In 2024, bilateral trade 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 as of 2024, about 200 Italian companies were active in Hong Kong.
The full survey report will be launched at the Think Business, Think Hong Kong (TBTHK) event in Milan on 27 November. The event, featuring over 700 business leaders, will include a symposium and exhibition, with business matching meetings to facilitate collaborations. Financial Secretary Paul Chan and HKTDC Chairman Prof Frederick Ma will deliver remarks.
For more information, visit the HKTDC Research website or download photos here.
