Tens of billions forints to be invested in Hungarian film industry
Sunday, September 25, 2005, 00:00
In the next two years around Ft 50 billion will pour into Hungary's film industry as the favorable tax regime for film productions attracts more and more foreign players, the daily Magyar Hírlap said on Wednesday. An executive of the Hungarian Development Bank Rt (MFB), Sándor Aladics, has called for a national "film cluster" to be established to include not just film production companies but other institutions to promote the establishment of a competitive industry. Aladics noted at a recent news conference that foreign productions working on Hungarian soil had increased four times this year compared to 2004. On the other hand, background expertise and infrastructure cannot keep up with demand, he said. There aren't enough studios or post production facilities, nor are there enough qualified personnel. The MFB will invest Ft 30 billion in the industry over the next two years. With this amount and another Ft 20 billion from other sources, studios can be built and facilities modernized, Aladics said. According to one estimate as many as 1,500 Hungarian firms could benefit from the investment projects, including over 500 direct suppliers. There are currently four production studios being built or about to be built, including the Korda Studio at Etyek, a project led by Hollywood producer Andrew G Vajna and local businessman Sandor Demjan, which promises to be the biggest in the world.