ASSAF WELCOMED THE GERMAN DELEGATION, WISHING THEM GOOD STAY IN THE KINGDOM. SINCE ITS ESTABLISHMENT IN 1977, THE SAUDI GERMAN JOINT COMMITTEE MADE GREAT STRIDES IN PROMOTING BILATERAL TIES BETWEEN OUR TWO COUNTRIES, HE SAID, ADDING THAT A NUMBER OF BILATERAL AGREEMENTS WERE SINCE SIGNED, NOTABLY THE ENCOURAGEMENT AND PROTECTION OF INVESTMENTS, AVOIDANCE OF DUAL TAXATION, MUTUAL EXEMPTION OF AVIATION COMPANIES TAXATION, AND SEA TRANSPORT AGREEMENTS. THE KINGDOM IS CURRENTLY ENJOYING A PROSPEROUS ERA, THANKS TO THE RECENT ECONOMIC OPENNESS AND REFORMS POLICY, THE MINISTER SAID, ADDING THAT THE GROSS DOMESTIC PRODUCT AMOUNTED TO 6.54 PERCENT LAST YEAR WITH ALL THE ECONOMIC ACTIVITIES SERVING AS COMPONENTS OF THE GDP MAKING CONSIDERABLE PROGRESS. HE SAID THE PRIVATE SECTOR HAS CONTRIBUTED TO THE GDP BY 44% AT A HIGH GROWTH RATE OF 6.7% LAST YEAR. HE ADDED THAT NON-OIL EXPORTS ARE EXPECTED TO FETCH EURO 14.7 BILLION THIS YEAR, AN INCREASE OF 10.5 PERCENT OF THE ENTIRE SAUDI EXPORTS. --MORE
