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Reuters
Egypt
The head of the Egyptian Industrial Zone in Ethiopia, Alaa Al-Saqati, confirmed that Egyptian investors in the Makali region in the Tigray region of northern Ethiopia are considering filing a temporary case before international arbitration.
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This measure aims to preserve their rights as a result of the great losses they have suffered since the outbreak of war in that region between the Federal Government of Ethiopia and the regional Government.
Alaa Al-Saqati said, in statements to the Al-Youm Al-Sabea newspaper, that temporary demand may be the available option, after stopping working for more than a month and a half until now, especially since these riots led to the suspension of production lines and thus breach the supply contracts signed with suppliers in the markets. In neighboring countries, which threatens Egyptian partners with losses due to breach of supply contracts.
Al-Saqati added that Egyptian investors have resorted to gradually withdrawing Egyptian workers from the area, fearing that the industrial zone will be exposed to possible bombing operations, and there is currently no Egyptian labor there, while the Communications with officials in the area are not yet possible due to the interruption in communications, indicating that the period Previous attempts to contact officials in the capital, Addis Ababa, also failed.
Al-Saqati explained that the Makali area in the Tigray region has many important factories, including Egyptian investments estimated at $ 10 million distributed among 10 Egyptian investors, and that Egyptian manufacturers in that area, one of them for the production of electrical transformers and the other for the production of office furniture, and which have land allocation contracts documented from Ethiopian Authorities.
Al-Saqati called on African Union countries to accelerate the activation of the investment risk fund’s role in Africa, noting that investing in Africa is becoming more difficult and dangerous for capital, in light of rising tensions. in the region, so more guarantees should be sought to protect capital in order to preserve Targeted economic growth rates and no return to the years of poverty and hunger in Africa again, especially with the great humanitarian imperative of investing in countries that need reconstruction.
Source: The Seventh Day
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