A comprehensive survey conducted by the Hong Kong Trade Development Council and Italy China Council Foundation reveals that Italian businesses view Hong Kong as a critical gateway for Asian expansion, with particular opportunities in innovation, healthcare, and retail sectors. 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 expressed enthusiasm for expanding in Asia, with the Chinese Mainland and Hong Kong identified as priority markets. Irina Fan, Director of HKTDC Research, noted that 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans, citing its strategic gateway status and capabilities as a logistics and supply chain management hub. This strong endorsement underscores Hong Kong's continued relevance in global trade dynamics.
The survey highlighted significant untapped potential in regional trade agreements, particularly the Regional Comprehensive Economic Partnership (RCEP) and the Closer Economic Partnership Arrangement (CEPA). While 51% of respondents currently capitalize on RCEP benefits, 60% anticipate that Hong Kong's potential accession to the agreement would unlock new economic opportunities. More strikingly, 80% of Italian businesses were unaware of CEPA or how to leverage its benefits, with only 12% currently utilizing the agreement through strategic partnerships in Hong Kong.
Sara Berloto, Head of Research for ICCF, emphasized the need for comprehensive information and institutional support initiatives to help companies, especially SMEs, better utilize these agreements. The research findings suggest that improved awareness and training could significantly enhance Italian business engagement with Asian markets through Hong Kong.
Sector-specific analysis reveals particularly strong expansion intentions among Italian innovation and technology companies (95%), healthcare companies (88%), and retail/wholesale enterprises (86%). These align well with Hong Kong's strategic focus on innovation and technology, life sciences, healthtech, and e-commerce initiatives. The convergence of Italian business interests with Hong Kong's industrial priorities creates fertile ground for cross-border collaboration.
The existing business relationship between Italy and Hong Kong provides a solid foundation for future growth. In 2024, bilateral trade reached US$8.3 billion, positioning Italy as Hong Kong's fourth-largest EU trading partner. As of end-2023, Hong Kong was the third most significant destination for Italian investment in Asia, while Hong Kong investors ranked as the third-largest Asian investors in Italy. Approximately 200 Italian companies currently operate in Hong Kong, demonstrating the established nature of this commercial relationship.
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 Financial Secretary Paul Chan and HKTDC Chairman Prof Frederick Ma, along with thematic sessions covering finance, innovation, global supply chains, and creative industries. For additional research insights, visit https://research.hktdc.com/en/.
This research matters because it identifies specific, actionable opportunities for strengthening Europe-Asia economic ties at a time of global supply chain realignment. The findings reveal both the strong existing foundation and significant untapped potential in the Italy-Hong Kong commercial relationship, particularly through better utilization of established trade frameworks. For businesses, this represents concrete pathways for market expansion, while for policymakers, it highlights areas where targeted support could yield substantial economic benefits.
