HK touts itself as Italy’s bridge to mainland China

Many European companies want to go to the mainland, and they can do it via Hong Kong, said Trade Development Council chairman Frederick Ma Si-hang.

Ma made the comments during the “Think Business, Think Hong Kong” event at the Italian Stock Exchange in Milan, which was joined by over 90 delegates and hundreds of attendees. The event followed his visit to London.

Before the opening ceremony, the audience observed a moment of silence for the victims of a recent fire in Tai Po.

Guests were treated to dim sum and pineapple buns by the Hong Kong Tourism Board, and an installation promoting siu mei (Chinese-style roasted meat) was on display.

Highlighting the strong ties between Hong Kong and Italy, Ma revealed that Eataly, an Italian food hall chain in which China Investment Corp, or CIC, has
invested, will open its first location at the Hong Kong International Airport.

Bilateral merchandise trade between Hong Kong and Italy reached €7.2 billion (HK$64.9 billion) last year, making Italy the fourth-largest trading partner for Hong Kong among EU members. There are currently about 200 Italian firms operating in the city.

“Italy is the most familiar [among EU nations] to Hong Kong people, with Italian restaurants, fashion, and football culture widely present in the city,” Ma noted.

The connection extends to design and jewelry. Italy is the partner country for next week’s Business of Design Week, or BODW, which will feature renowned designers like Michele de Lucchi.

Furthermore, Italy provides the largest number of exhibitors for the annual HKTDC jewelry show, according to the council’s executive director Sophie Chong Suk-fan.

Despite this interest, Ma pointed out that many Italian companies are unaware of the Closer Economic Partnership Agreement, which allows Hong Kong firms preferential access to the mainland. For instance, some 50 medicines from Hong Kong companies can be supplied directly to some mainland hospitals, Chong said. Italian firms were encouraged to set up headquarters in Hong Kong to leverage such benefits.

Addressing global economic uncertainty, Ma stated: “Only certainty is uncertainty,” emphasizing that firms are increasingly looking to Asia – particularly
China. Financial Secretary Paul Chan Mo-po and Hong Kong Exchanges and Clearing chief executive Bonnie Chan Yi-ting concurred, encouraging Italian
companies to list and issue bonds, including in yuan, in Hong Kong, citing the liquidity of the local bourse and the world’s number one initial public offering destination.

They also called on technology firms to explore opportunities in the city. Paul Chan specifically encouraged Italian companies in life sciences, precision engineering, advanced manufacturing and luxury tech to set up research and development centers and operations in the Northern Metropolis.

Ma, a former principal official overseeing technology, highlighted the government’s commitment to the sector’s development. “Hong Kong, as a smart turtle in terms of technological development, can win the rabbit,” he said, drawing a parallel to the fable.

This resurgence was compared to the arts scene. Bernard Charnwut Chan, chairman of the West Kowloon Cultural District Authority, credited former
Chief Executive Tung Chee-hwa’s vision for the district, noting that its M+ museum and the Hong Kong Palace Museum are now among the world’s most visited. The delegation also included prominent architect Rocco Yim, who designed the HKPM, and designer Steve Leung, who has an office in Milan.

Italian officials reciprocated the positive sentiment. Valentino Valentini, Italy’s Deputy Minister of Enterprise and Made in Italy, described Hong Kong as a “trusted partner” and highlighted that Italy’s strengths extend beyond fashion and food to include medical devices and engineering technologies.

Fabio De Rosa, head of global transaction banking at Banco BPM, praised Hong Kong’s excellent support for SMEs.