A survey conducted by the Hong Kong Trade Development Council (HKTDC) and the Italy China Council Foundation (ICCF) has found that Hong Kong is increasingly seen by Italian businesses as a priority market and essential trading partner for Asian expansion. The report, titled "Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors," surveyed 172 Italian C-suite and senior business leaders in Q3 2025.
According to the findings, 77% of Italian companies are enthusiastic about expanding in Asia, with the Chinese Mainland and Hong Kong as top priority markets. Notably, 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans, citing its status as a strategic gateway and its capabilities as a logistics and supply chain management hub.
The survey also highlighted significant untapped potential in regional trade agreements. While 51% of respondents are currently capitalizing on the benefits of the Regional Comprehensive Economic Partnership (RCEP), huge potential remains. If Hong Kong’s application to join the RCEP is successful, 60% of Italian enterprises anticipate new economic opportunities. Similarly, the Closer Economic Partnership Arrangement (CEPA) remains underutilized, with 80% of surveyed Italian businesses unaware of the agreement or how to leverage it. Only 12% currently use CEPA through partnerships in Hong Kong.
Sara Berloto, Head of Research for the ICCF, noted the need for comprehensive information and training to help companies, especially SMEs, strategically utilize such agreements. Irina Fan, Director of HKTDC Research, emphasized the role of Hong Kong in facilitating Italian business expansion, adding that the city's new focus on innovation, technology, life sciences, healthtech, and e-commerce aligns well with Italian expansion plans.
By sector, 95% of Italian innovation and technology companies plan to expand in Asia, followed by 88% of healthcare companies and 86% in retail and wholesale. These sectors align with Hong Kong's growth areas, presenting opportunities for collaboration. The strong business relationship is reflected in trade figures: 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, around 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, which will bring together over 700 business leaders, officials, and investors. The event will feature a symposium, exhibition, and business matching meetings. For more information, visit the HKTDC Research website.
