Italian Businesses Prioritize Hong Kong for Asia Expansion

Hong Kong is seen as a priority market and an essential trading partner by many of Italy’s increasingly Asia-focused businesses. This is among the key findings of a new report – Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors – jointly conducted by the Hong Kong Trade Development Council (HKTDC) and the Milan-headquartered Italy China Council Foundation (ICCF).

The research forms part of the forthcoming edition of the HKTDC’s signature promotion campaign Think Business, Think Hong Kong (TBTHK), set to take place in Milan, Italy on 27 November. The event will bring together over 700 business leaders, officials and investors from both Hong Kong and Italy to discover business and partnership opportunities in Asia.

Primarily targeted at Italian companies with business in Hong Kong, the Chinese Mainland and Asia, the research survey was conducted in Q3 2025, covering 172 Italian C-suite and senior business leaders.

Commenting on the significance of the report, Irina Fan, Director of HKTDC Research, said: “According to the survey findings, 77% of Italian businesses are genuinely enthusiastic when it comes to expanding in Asia, with the Chinese Mainland and Hong Kong being their priority markets.”

“It is particularly gratifying to see Hong Kong poised to play such a vital role in facilitating the Asia expansion of such businesses. 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. Its 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,” she added.

Facilitating expansion and leveraging trade agreements

When it came to future opportunities, the survey also highlighted the relatively limited awareness and low utilisation of many regional trade agreements. In particular, two agreements emerged as having significant potential to transform the commercial relationship between Hong Kong and Italy.

The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest free trade agreement, encompassing the ASEAN bloc, the Chinese Mainland, Japan, South Korea, Australia and New Zealand. While 51% of respondents are currently capitalising on its benefits, huge untapped potential remains. Should Hong Kong’s application to join the RCEP be successful, 60% of Italian enterprises anticipate that it would unlock new economic opportunities and strengthen their engagement with the city.

Another pivotal agreement is the Closer Economic Partnership Arrangement (CEPA), which has provided Hong Kong-based suppliers of goods and services with privileged access to the vast Chinese Mainland market since 2003. Despite CEPA having been in place for many years, some 80% of the Italian businesses surveyed were unaware of the agreement or how to leverage its benefits. This reveals a major opportunity, as only 12% are currently making use of CEPA’s advantages through strategic partnerships in Hong Kong.

Putting the survey and its findings into perspective, Sara Berloto, Head of Research for the ICCF, said: “The survey highlighted many Italian companies can better leverage several existing regional trade agreements. This was most notably the case with the RCEP and CEPA. Overall, 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.”

Apparent opportunities amid already strong ties
Looking at the broader picture, the scale of opportunity available to Hong Kong SMEs is striking. Most notably, 77% of Italian companies plan to expand within Asia over the next three years, with the Chinese Mainland, Hong Kong, Japan, South Korea and India cited as their preferred markets.

By sector, 95% of Italian innovation and technology companies plan to expand in Asia, followed by 88% of healthcare companies and 86% of enterprises in the retail /wholesale sector. These findings align well with Hong Kong's new industry focus on innovation and technology, the life sciences and healthtech, as well as the raft of ambitious e-commerce initiatives the city has committed to.

Such developments would further enhance the strong business relationship between Italy and Hong Kong. In 2024, trade between the two amounted to US$8.3 billion (HK$64.5 billion), positioning Italy as Hong Kong’s fourth-largest EU trading partner and export market and its third-largest EU import market.

As of the end of 2023, Hong Kong was the third most significant destination for Italian investment in Asia. Hong Kong investors also made substantial investments in Italy, with the city being the third-largest Asian investor in the country. As of 2024, there were some 200 Italian companies active in Hong Kong.

Think Business, Think Hong Kong
The full survey report will be launched at TBTHK in Milan on 27 November.

After successful Paris and Jakarta editions, TBTHK Milan will bring together some 80 delegates from Hong Kong, including government officials, top business and creative industry leaders, corporate service professionals, investors and start-up entrepreneurs, for a day of dialogue, networking and partnership-building with Italian companies keen to expand into Asia.

The mega promotion will feature a symposium and an exhibition comprising the Business Support Zone and InnoVenture Salon, where some 20 Hong Kong service providers and startups will showcase their flagship products and solutions. Business matching meetings will be arranged to facilitate deals and collaborations between Italian and Hong Kong companies. The programme also includes the Hong Kong Dinner. At the symposium, Paul Chan, Financial Secretary of the Hong Kong SAR, Prof Frederick Ma, HKTDC Chairman, along with representatives from the Italian government, will deliver remarks. High-profile speakers from various industries will share their insights at the Plenary Session. The agenda also includes five thematic sessions, each dedicated to a strategic area including finance and trade, innovation and technology, global supply chains, as well as creativity and design. These sessions reflect shared priorities between Hong Kong and Italy and offer in-depth insights into practical collaboration opportunities.

(From left) Director of HKTDC Research Irina Fan, Principal Economist (Global Research Team) Alice Tsang and Senior Economist (Global Research Team) Simeon Woo previewed findings of a new report – Italian Companies’ Asian Expansion Priorities: Innovation, Healthcare and Retail Sectors – at a press conference today

Irina Fan, Director of HKTDC Research

Alice Tsang, Principal Economist (Global Research Team), HKTDC

Simeon Woo, Senior Economist (Global Research Team), HKTDC

Following the successful Think Business, Think Hong Kong in Jakarta in January, this mega promotion will take place in Milan, Italy, on 27 November

Remarks by DSJ at 61st session of United Nations Human Rights Council in Geneva

The Deputy Secretary for Justice, Dr Cheung Kwok-kwan, today (March 18, Geneva time) finished attending the 61st session of the United Nations Human Rights Council in Geneva, Switzerland.

Joining him for the meeting were representatives of the Department of Justice, the Security Bureau and the Constitutional and Mainland Affairs Bureau. Officials of the Hong Kong Special Administrative Region Government attended the meeting as members of the Chinese delegation.

Following are the remarks by Dr Cheung at the session.

Agenda item 4 general debate on human rights situations that require the Council's attention

Mr President,

The implementation of the National Security Law has successfully safeguarded national sovereignty and security, and ensured long-term stability and prosperity of Hong Kong, China.

It is every sovereign state's inherent right to enact national security laws. China is no exception. For example, the United Kingdom has at least 14 pieces of national security legislation, including the sweeping National Security Act of 2023.It is hypocritical of any country to demand another country to repeal its own national security law and leave it defenseless.

Jimmy Lai's case was mentioned yesterday. I am obliged to point out that he was defended by a team of lawyers of his own choice and received a fair trial for his offences endangering national security. The court's verdict and sentence were published with detailed reasons, for which he chose not to appeal. Lai has received appropriate treatment in custody and never made any complaint. Any suggestion that certain individuals should be immune from legal consequences for their illegal acts totally runs contrary to the spirit of the rule of law.

All in all, we oppose the biased allegations concerning Hong Kong's situation, which have ignored the objective facts demonstrating our remarkable achievements.

Mr President, let me share with you some figures. Last year, Hong Kong was ranked the world's freest economy, No.1 in global IPO(initial public offering) market rankings, and No.1 as Asia's largest hedge fund hub and cross-boundary wealth management centre.

The common law system of Hong Kong is internationally renowned. Hong Kong was ranked the second-most preferred seat of arbitration worldwide last year. The Judiciary exercises judicial power independently, fairly, impartially and openly. Judgments of the Court of Final Appeal were cited as persuasive authorities in overseas common law jurisdictions on close to 50 occasions in the past six years.

These are testaments to the trust and confidence that businesses and people have in the freedom, stability and the rule of law of Hong Kong.

We will continue to safeguard national security and protect legitimate rights and interests of all individuals. Thank you, Mr President.

Agenda item 5 general debate on human rights bodies and mechanism

Mr Vice-President,

China, including the Hong Kong Special Administrative Region, is committed to engaging in constructive dialogue and co-operation on human rights issues within the UN framework on the basis of equality and mutual respect.

The human rights of Hong Kong residents are constitutionally guaranteed and protected under the National Security Law. The provisions of the ICCPR (International Covenant on Civil and Political Rights) as applied to Hong Kong are incorporated in local law.

Human rights protection is further underpinned by the rule of law and the Judiciary which acts impartially and independently.

Since the enactment of the National Security Law over fiveyears ago, prosecutions for national security offences constituted less than 0.2 per cent of all criminal proceedings.

We note that the representative of the Netherlands mentioned Chow Hang-tung's case. We urge member states to respect the rule of law and refrain from interfering with on-going legal proceedings in Hong Kong's court.

We are firmly committed as ever to the protection of human rights and always seek to make improvements based on actual circumstances. Thank you.

Remarks by DSJ at 61st session of United Nations Human Rights Council in Geneva Source: HKSAR Government Press Releases