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.

'There is a feeling in Italy that companies that have set up operations in China are the ones that will grow, and the same goes for services in Hong Kong,' Bosetti says. 'Staff are being moved here because companies have more things to do here. Instead of just downsizing in Europe, they are finding interesting markets in places like Hong Kong.'

The lifestyle card is also being played by the chamber with Italians being in the premier league of international chefs in the city. There is an army of locals who appreciate Italy's rich heritage in arts, culture and designer goods. Italy's engineering prowess is also exemplified by the number of Ferraris and Maseratis on the roads here.

'For Chinese companies, it's very important to have European partners. This gives [them] an opportunity to bring skilled Italian staff here to ensure quality of the final products,' says Bosetti, who adds that June is becoming Italy's answer to Le French May, Hong Kong's celebration of French arts and culture. 'This is so we can bring some of the best Italy has to offer to Hong Kong like design, food and the arts.'

Italy 2010: Quality & Lifestyle is launched today with a reception hosted by the Italian Consulate General, featuring an array of Italian delicacies. The cultural festivities get under way this weekend with the return of the Fulvio Albano Trio from the Jazz Club Torino with concerts at The Mistral in the InterContinental Grand Stanford.

Chamber vice-president Susan Lavender says that for the first time in Hong Kong, the work of a major 20th century Italian playwright will be performed here in the form of Nobel prize winner Luigi Pirandello's Six Characters in Search of an Author.

The work has been updated under director Ahmed el-Alfy, with video technology replacing the original's 'play within the play', and references to Hong Kong added to the script. 'The writer deals with perceptions and various versions of the truth. We are using this version because it goes well in English translation with references to modern Hong Kong intertwined with 21st century issues,' Lavender says.

The play runs from June 23 to 27 at the Hong Kong Arts Centre, Wan Chai, with ticket options that include dinner and a final-night party.

The two-week film festival is given the theme of 'Italian Ladies' this year, with a mix of classic and contemporary movies starring Sophia Loren among others. Bosetti says the food festival is on a less grand scale than last year's, but will still have the A Tavola (Come to the Table) centrepiece with 15 top Italian chefs preparing dishes from their home provinces. The promotion runs from tomorrow to June 30.

The variety of leading Italian brands in Hong Kong brings competition and friendly rivalry, Bosetti says. Fashion houses may be loath to share a platform with a competitor, but are happy to back events individually. So Maserati and Ferrari take a back seat as Alfa Romeo celebrates its centenary. The Alfa Romeo Club Hong Kong is co-operating with the chamber for an exhibition on June 13 at the W Hotel.