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SARAJEVO (Bosnia and Herzegovina), November 19 (SeeNews) - Bosnia's Brcko District government said on Tuesday it has approved a memorandum of understanding with Vienna-based Studen Holding on the company's 500 million marka ($283 million/255.6 million euro) initiative for improving the district's business climate, primarily by creating free trading zones.
"It's about introducing two free zones in the district, apart from other projects such as investments in health care, tourism and hospitality facilities", the mayor of Brcko District, Sinisa Milic, said in a press release.
The government will now forward the MoU to the Brcko District assembly to review and approve it.
In June, Studen said its initiative should enhance growth and development of Brcko's business environment via the opening of over 4,000 jobs thanks to the proposed 500 million marka initiative.
The initiative aims to promote business plans in the fields of tourism, agricultural production, entertainment, infrastructure, processing industry and logistics.
"This is a good chance and I hope we will get the approval to sign the MoU at the next assembly's session", said Milic.
Studen Holding controls Brcko-based Bimal Group, which is a leading oilseed, grain, and edible oil producer both within Bosnia and the Western Balkans. Part of the group is Bosnia's sole edible oils producer Bimal Brcko.
Studen Holding also controls the Studen-Agrana sugar refinery located in Brcko.
Brcko is a self-governing administrative unit in northeastern Bosnia.
(1 euro = 195583 marka)