Italian Businesses Target Hong Kong as Strategic Gateway to Asian Markets

A comprehensive survey conducted by the Hong Kong Trade Development Council and Italy China Council Foundation reveals strong momentum among Italian businesses targeting Asian expansion, with Hong Kong positioned as a critical gateway. The research, which surveyed 172 Italian C-suite and senior business leaders in Q3 2025, found that 77% of Italian companies are enthusiastic about expanding in Asia, with the Chinese Mainland and Hong Kong identified as priority markets.

Irina Fan, Director of HKTDC Research, noted the significance of these findings, stating that 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans. The city's strategic position as a gateway to multiple Asian markets and its capabilities as a logistics and supply chain management hub were widely acknowledged by Italian business leaders. The full survey report will be launched at the forthcoming Think Business, Think Hong Kong event in Milan on November 27.

The survey uncovered substantial 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, significant opportunities remain unexplored. Should Hong Kong's application to join RCEP be successful, 60% of Italian enterprises anticipate it would unlock new economic opportunities and strengthen their engagement with the city.

More strikingly, approximately 80% of Italian businesses surveyed were unaware of CEPA or how to leverage its benefits, despite the agreement providing Hong Kong-based suppliers with privileged access to the Chinese Mainland market since 2003. Only 12% currently utilize CEPA's advantages through strategic partnerships in Hong Kong. Sara Berloto, Head of Research for ICCF, emphasized the need for comprehensive information, training, and institutional support initiatives to ensure companies, especially SMEs, can heighten their strategic utilization of such agreements.

Sector-specific analysis reveals particularly strong expansion intentions among Italian innovation and technology companies (95%), healthcare companies (88%), and retail/wholesale enterprises (86%). These findings align well with Hong Kong's new industry focus on innovation and technology, life sciences, healthtech, and ambitious e-commerce initiatives. The scale of opportunity is further highlighted by existing strong business ties between Italy and Hong Kong, with bilateral trade reaching US$8.3 billion in 2024, positioning Italy as Hong Kong's fourth-largest EU trading partner.

As of the end of 2023, Hong Kong was the third most significant destination for Italian investment in Asia, while Hong Kong investors represented the third-largest Asian investors in Italy. Currently, approximately 200 Italian companies operate in Hong Kong. The Think Business, Think Hong Kong event in Milan will bring together over 700 business leaders, officials, and investors from both regions to explore partnership opportunities. The event will feature a symposium with remarks from Hong Kong SAR Financial Secretary Paul Chan and HKTDC Chairman Prof Frederick Ma, along with thematic sessions covering finance, innovation, global supply chains, and creativity. For additional research insights, visit https://research.hktdc.com/en/.