A comprehensive survey conducted by the Hong Kong Trade Development Council and the Italy China Council Foundation reveals that Hong Kong is viewed as a priority market and essential trading partner by Italy's increasingly Asia-focused businesses. The research, which surveyed 172 Italian C-suite and senior business leaders in Q3 2025, found that 77% of Italian businesses are enthusiastic about expanding in Asia, with the Chinese Mainland and Hong Kong being their priority markets. Irina Fan, Director of HKTDC Research, noted that 93% of respondents believe Hong Kong can effectively support their future Asia expansion plans.
The city's status as a strategic gateway to many Asian markets, along with its capabilities as a logistics and supply chain management hub, were widely acknowledged by Italian business leaders. The survey findings form part of the forthcoming Think Business, Think Hong Kong promotion campaign scheduled for Milan on November 27. The research identified significant untapped potential in regional trade agreements, particularly the Regional Comprehensive Economic Partnership and the Closer Economic Partnership Arrangement. While 51% of respondents are currently capitalizing on RCEP benefits, substantial 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 having provided Hong Kong-based suppliers with privileged access to the Chinese Mainland market since 2003. Only 12% of Italian companies 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 revealed particularly strong expansion intentions, with 95% of Italian innovation and technology companies planning Asian expansion, followed by 88% of healthcare companies and 86% of retail/wholesale enterprises. These findings align well with Hong Kong's industry focus on innovation and technology, life sciences, healthtech, and e-commerce initiatives. The strong business relationship between Italy and Hong Kong is already substantial, 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 full survey report will be launched at the TBTHK event in Milan, which will feature a symposium, exhibition, and business matching meetings to facilitate collaborations between Italian and Hong Kong companies. Additional information about the research can be found at https://research.hktdc.com/en/.
