LAHORE Austrian Ambassador Axel Wech Tuesday expressed the optimism that Pakistan is very likely to win GSP plus (Generalised System of Preferences) status in next European Union-Pakistan Summit as the things to this regard are moving in right direction. The GSP is a formal system of exemption from the more general rules of the World Trade Organisation (WTO). He was speaking at Lahore Chamber of Commerce and Industry, where LCCI President Shahzad Ali Malik, Austrian Trade Commissioner Dr Wolfgang Penzais, representative of Austrian Trade Commission in Karachi Saleem Hashmi, Honourary Consul Sarmad Amin also spoke on the occasion. The Ambassador said there was a great potential for stronger economic and trade ties between Pakistan and Austria, and the LCCI could play an effective role in multiplying the existing volume of bilateral trade. While, frequent exchange of trade delegations, single country exhibitions and Country Weeks could prove vital to enhance two-way trade, he said, adding, the Austrian Government was ready to provide assistance to potential businessmen. Austrian diplomat also informed the LCCI office-bearers that a number of projects for strengthening Pakistan Railways infrastructure are in the pipeline and with the execution of these projects the trade relations between the two countries to reach new heights. He said that Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany. The economy features up-to-date industrial and agricultural sectors. He said that the country has drawn an influx of foreign investors attracted by Austrias access to the single European market and proximity to the Major EU economies. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria is emphasizing knowledge-based sectors of the economy by deregulating the service sector, he maintained. Austrian businessmen were interested to initiate joint ventures with their Pakistani counterparts as the country is fast becoming the hub of economic activities due to strategic importance and inexpensive raw material and labour. The LCCI President Shahzad Ali Malik invited Austrian businessmen to initiate joint ventures with local industrialists on 100 percent equity basis.