Italian companies with business in Asia are prioritising the Chinese Mainland and Hong Kong for expansion in the region, a recent survey has revealed.

However, awareness and use of many regional trade agreements that can help them grow – including the Regional Comprehensive Economic Partnership (RCEP) and the Closer Economic Partnership Agreement (CEPA) – remain relatively low.

This suggests significant potential to transform the commercial relationship between Italy and Hong Kong.

The research forms part of a new report from the Hong Kong Trade Development Council (HKTDC) and the Milan-headquartered Italy China Council Foundation (ICCF).

The report, called ‘Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors’, will be launched in Milan on 27 November at Think Business, Think Hong Kong (TBTHK), a day of dialogue, networking and partnership building organised by the HKTDC.

The survey, which was conducted in Q3 among C-suite and senior business leaders, shows that Hong Kong is poised to play a vital role in supporting Italian business ambitions in Asia, noted Irina Fan, Director of HKTDC Research.

“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,” she highlighted.  

Hong Kong’s 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, Ms Fan added.

The survey also suggests that Italian companies can better leverage regional trade agreements, RCEP and CEPA in particular, pointed out Sara Berloto, Head of Research for the ICCF.

“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,” she said.

The growth plans and ambitions outlined in the survey promise to further bolster business ties between Italy and Hong Kong.

Bilateral trade stood at HK$64.5 billion (US$8.3 billion) in 2024, positioning Italy as Hong Kong’s fourth-largest EU trading partner and export market, and its third-largest EU import market.

As of 2024, some 200 Italian companies were active in Hong Kong.

Strengthening ties

The next edition of TBTHK is expected to attract more than 700 business leaders, officials and investors from Hong Kong and Italy to discover business and partnership opportunities in Asia.

Some 80 delegates from Hong Kong will attend, including government officials, top business and creative industry leaders, corporate service professionals, investors and start-up entrepreneurs.

Paul Chan, Financial Secretary of the Hong Kong SAR Government, and Prof Frederick Ma, Chairman of the HKTDC, will deliver remarks, together with representatives from the Italian government at a symposium exploring collaboration opportunities between Italy and Hong Kong.

The agenda also includes thematic sessions on topics that reflect shared priorities between Hong Kong and Italy, such as finance and trade, innovation and technology, global supply chains and creativity and design.

Some 20 Hong Kong service providers and start-ups will showcase their products and solutions at a special exhibition, while business matching meetings will also be arranged to facilitate deals and partnerships between Italian and Hong Kong companies.