State secretary at the National Development and Economy Ministry László Varju on Wednesday inaugurated a 7,000-square-meter production hall, renovated at a cost of HUF 300 million, at an old auto production base converted into an industrial park in the Budapest's district XXI.
European Union development funding covered HUF 68 million of the cost of the renovation. The cost of the investment is expected to be recouped in 7-8 years, said managing director of ATI Sziget.
ATI-Sziget was established in 2002 by Hungarian and English investors to utilize the old base of Csepel Auto. Since then, some HUF 4 billion has been spent on renovating the 87-hectare site.
Companies operating at the site employ about 2,000 people. (MTI-ECONEWS)