Li Yao obtained his master’s degree at Tianjin University in 2012. He is a Permanent Representative of China Merchants Group in Djibouti and Secretary of the Board of Directors of the Djibouti Free Trade Are Joint Venture.
China Merchants Group became a shareholder of Djibouti Port Company in 2013. Two years later, after China and Africa established a strategic partnership, collaboration between China Merchants Group and Djibouti Port Company thrived. The handling capacity of the port, the profits of the company, and the salary of its staff have witnessed a leap over the past three years. The Djibouti Port throughput in 2016 was 160% of that in 2013; its recurring profit was 280% of that before; the salary of its staff saw an anual increase of 8%.
The Djibouti Multi-functional Port Construction Project kicked off in August, 2013 and its pace of construction set a record in Djibouti. Meanwhile, China, by establishing training centers there, exports its technology and addresses the unemployment problems in Djibouti. Li Yao’s work was to coordinate with shareholders, and promote business development, project construction, investment attraction, and business management of the China Merchants Group. The Djibouti government showed a great deal of trust in the the China Merchants Group, and signed a long-term land lease agreement with the company.
All of over 40 professional machinary operators in the new wharf received a half-year training in China. Meanwhile, the Company will invest two million dollars within three years to establish a Vocational Training Center in Djibouti to train local skilled workers, addressing the problem of the local employment.
Nowadays, the Belt and Road Initiative, which won the approval of the Djibouti people, has shifted its development mode from general contracting to a whole industrial chain of construction-investment-operation.
Words for readers: We should think from the perspective of the investing party and acquire knowledge of project investment and management.
By: Wang Kai, Sun Xiaofang
Editors: Yin Shiyu and Ross Colquhoun
