Caravelle Lays the Groundwork for Innovative Business in Mixed Transportation and Drying Wood by Signing a MoU with the Government of Gabon

About this update from High-trend International Group

[{"type":"text","content":"SINGAPORE, April 25, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced that it has signed a Memorandum of Understanding (MoU) with the Ministry of Water and Forestry of Gabon on the development of a critical timber processing and marketing technology for the transportation, processing and sale of timber. This initiative is another important step in preparation for the drying of timber on the same carrier as the transportation of manganese ore.\n\n \n \n \n \n \n \n\n \nUnder the Memorandum of Understanding, Caravelle will acquire the rights to recover merchantable timber from the Libreville 2 construction site in Gabon, an area of 48,160 hectares. The area contains a variety of commercially valuable species including Mahogany, Ovengo, Antonia, Kwa, Birringa, Wenge and Giambi, which are highly sought after by the market due to their unique characteristics and wide range of applications. Under the agreement, Caravelle will be responsible for developing, transporting, processing, and marketing the commercially viable timber in the selected area and ensuring that all activities are in compliance with the Gabonese Republic's forest exploitation and timber marketing regulations, which are expected to yield 10 million cubic meters of timber within two years.\nCaravelle's representative, Dr. OBIANG ESSONO Fabrice, said: \"This partnership with the Gabonese government is a key step in the strategic development of our group. Through this memorandum of understanding, we will not only be able to optimize the use of our timber resources, but also bring economic benefits to local communities, while supporting the Gabonese government in its drive for sustainable development and sound management of forest resources.\" Gabon's Minister of Water and Forestry, Brigadier General Maurice NTOSSUI ALLOGO, expressed his support for the partnership and emphasized the importance of the rational use of forest resources: \"We are pleased to be working with Caravelle to promote the sustainable use of timber resources. This will not only help protect our natural environment, but will also contribute to local economic development.\" The MoU also includes detailed provisions on waste utilization, social fund contribution, and revenue distribution, ensuring transparency and f...

More updates from High-trend International Group