Engineer Alaa Al-Saqati, Vice-President of the Egyptian Investors Union and Head of the Egyptian Industrial Zone in Ethiopia, announced that two Egyptian companies had contracted with Dr. And causing huge losses to Egyptian factories on Ethiopian soil.
Al-Saqati confirmed that the Egyptian factories It fulfilled all its obligations towards Ethiopia according to the Ethiopian Investment Law until the outbreak of the civil warHowever, the Ethiopian government failed to protect investors and their investments, stressing that the claim for compensation for losses will not be waived in accordance with international norms and laws. To the International Center for Settlement of Investment Disputes (ICSID), a center affiliated with the World Bank.
Dr. Ezzat Youssef, lawyer and legal representative of Egyptian companies in Ethiopia, said that an official request has been submitted to settle the investment dispute arising from the Ethiopian government’s violation of the international agreement that guarantees protection and encouragement of investment signed between the State of Ethiopia and the Arab Republic of Egypt, as part of the determined efforts to reach an amicable settlement to resolve the disputes of Egyptian investors. On Ethiopian soil, because international agreements are the impenetrable fence that guarantees the protection of all rights of foreign investors from being infringed upon or even threatening their interests in any way by the host country.
He stressed that Egyptian investors in Ethiopia enjoy the full protection stipulated in the agreement, in addition to the protection of international arbitration institutions, such as the “International Center for Settlement of Investment Disputes”, known conventionally as “ICSID” and similar international bodies formed by the international community to ensure investment and investors’ rights, which are keen on those Institutions, through their provisions, impose deterrent penalties on countries that violate their obligations to protect investment or threaten the interests of investors in any way.
Al-Saqati said that the International Arbitration Office represented by Dr. Ezzat Youssef and the legal representative of the Egyptian side adheres to the peremptory provisions of the agreement, including Article No. “4” guaranteeing the rights of the Egyptian investor on the Ethiopian lands to claim compensation for all damages incurred by him on the territory of the host country as a result of the military actions that Launched by the Ethiopian state on the territory of Tigray.