Engineer Alaa Al-Saqati, Vice-President of the Egypt Investors Union and Head of the Egypt Industrial Zone in Ethiopia, announced that two Egyptian companies have contracted Dr. And caused huge losses to Egyptian factories on Ethiopian soil.
Al-Saqati confirmed that Egyptian factories had fulfilled all their obligations towards Ethiopia under the Ethiopian Investment Law until the outbreak of civil war, but the Ethiopian government failed to protect investors and their investment, emphasizing that the claim for compensation for losses cannot be ignored in accordance with international standards and law. We hope that the Ethiopian government will respond to our demands by demanding a proper settlement This is the first step set by international law, and if the Ethiopian side does not respond, the case will be transferred to the International Center. for Settlement of Investment Disputes with Washington ICSID, the World Bank’s center.
Dr. Ezzat Youssef, lawyer and legal representative of Egyptian companies in Ethiopia, said an official request had been submitted to settle the investment dispute stemming from the Ethiopian government’s violation of the international agreement guaranteeing protection and incentives. of the investment signed between the State of Ethiopia and the Arab Republic of Egypt, as part of determined efforts to reach an amicable settlement to resolve the disputes of investors in Egypt. In the land of Ethiopia, because international agreements are unbreakable fences that guarantee the protection of all the rights of foreign investors from being violated or their interests threatened in any way by the host country.
He stressed that Egyptian investors in Ethiopia are satisfied with the full protection stated in the agreement, in addition to the protection of international arbitration institutions such as the “International Center for Settlement of Investment Disputes”, known as “ICSID” and similar international bodies formed by the international community to ensure the rights of investors and investors, who are keen on those Institutions, through their provisions, to impose restrictive sanctions on countries that violate in their obligations to protect the investment or threaten the interests of investors in any way.
Al-Saqati said the International Arbitration Office represented by Dr. Ezzat Youssef and the legal representative of the Egyptian side abide by the pervasive provisions of the agreement, including Article No. “4” guaranteeing the rights of the Egyptian investor in Ethiopian lands to claim compensation for all damages occurred to him in the territory of the host country as a result of military actions Launched by the Ethiopian state in the territory of Tigray.
