Argos Enterprises Ltd ("Argos") is a mining company incorporated in, and having its seat of control in, Australia. Argos is weighing up whether to make a significant investment in the mining industry in one of 2 nearby States, either Utopia or Draconia. The Australian government had attempted to negotiate a bilateral investment treaty with Utopia, but due to widespread public opposition in Utopia, these efforts were unsuccessful. Australia had more success in negotiating a bilateral investment treaty with Draconia, which was keen to attract foreign direct investment. Draconia suppressed all internal opposition to the treaty and the treaty was signed by both States in 2020 and it came into force upon signature. The bilateral investment treaty between Australia and Draconia contains standard provisions on investor State dispute settlement.

You are a lawyer working for a large law firm in the Gold Coast. Argos is seeking a detailed legal advice on how it might protect any future investments in Utopia or Draconia and whether Argos would require the support of the Australian government. Provide a detailed legal advice to Argos on the different international legal issues (under the law of diplomatic protection and the bilateral investment treaty) that may arise depending on whether Argos invests in Utopia or Draconia. For the purposes of this question, please note that Utopia has made an unconditional declaration under Article 36(2) of the Statute of the International Court of Justice whereas Draconia has not.

Your advice should be detailed and should include references to relevant case law/judicial decisions.