A celebration of some of the best Italy has to offer gets under way today, with Italians in Hong Kong eager to see their home country overcome the major economic challenges facing Europe.
'Italy 2010: Quality & Lifestyle' is being promoted with even greater passion as companies look ahead, following the downturn of the previous year, by highlighting the growing role of Italian products, food, culture and design in modern China.
Yet the reality of what's happening back home and across the euro zone is not lost on Italian companies here, says Manuele Bosetti, general manager of the Italian Chamber of Commerce in Hong Kong and Macau, which is organising the quality and lifestyle series of concerts, exhibitions and food promotions.
The feeling among the organisation's 180-strong membership is that companies should reach out and drive sales by emphasising Italy's contributions in terms of engineering, design, culture, wines and cuisine. For Italian companies in Hong Kong, this is an opportunity to herald their nation's ingenuity and strengths.
The Italy pavilion at the Shanghai World Expo 2010 also illustrates these achievements and more as the legions of Chinese devotees of Italian fashion and brands grow.
However, it comes as Euro24 billion (HK$230 billion) in austerity measures are being imposed on Italy, which will mean cuts to public sector pensions and local government spending. The measures are aimed at bringing Italy's deficit down to below 3 per cent of GDP by 2012 - from 5.3 per cent now - in order to prevent a Greek-style debt crisis.
Raising the flag of quality is therefore seen as vital for Italian exporters and companies based here who have long looked to the Far East to build their strengths. The chamber's series of Italy 2010: Quality & Lifestyle events are aimed at helping lay the foundations for this.
