Egypt looks to protect investments at risk by Ethiopian civil war
Egypt is seeking to appoint an international law firm to protect investments in Ethiopia’s Tigray region.
Alaa Al-Saqati, head of the Egyptian Industrial Zone in Ethiopia, recently revealed Egypt’s decision to appoint an international law firm to handle a case before international courts against the Ethiopian government to protect Egypt’s investments there.
In a statement to the Egyptian daily Youm7 on Dec. 22, Saqati said this step came after a meeting he held with representatives of the Ethiopian Embassy in Cairo on Dec. 16. The meeting did not result in any positive development to solve Egypt’s investment crisis in the Tigray region in Ethiopia, where an armed conflict has been raging for weeks.
Ethiopian Embassy officials did not provide a specific and binding date allowing the resumption of work in Egyptian factories in the Tigray region without any risks to employment, Saqati said, adding that factories in the region have been closed for over four months now.
“During the meeting, officials of the Ethiopian Embassy talked about the benefits and advantages that the investment law offers to investors in Ethiopia, while existing investments face a state of ambiguity in light of the current situation and the outcome of the ongoing armed conflict,” Saqati told the Egyptian daily.
