Raleigh Studios of the US, and Europe's Origo Film Group on Thursday showed their new HUF 17billion studio in Rakospalota, on the edge of Budapest, which was completed about seven months ago.
There are already two Hollywood-like studios in Etyek and Pomáz in Hungary.
About 85pct of the cost of the Raleigh investment was covered by an unsubsidised loan from the Hungarian Development Bank (MFB) that is without state guarantee. The government awarded the project a HUF 178 million subsidy based on a case-by-case review.
The 40,000 square meter studio, constructed on around 18 hectares, will create about a hundred jobs, but several thousand new jobs could be created at film industry companies that use the studios, said Raleigh Studios chairman Michael Moore.
Raleigh Studios picked Hungary as the site for the new facility because of tax breaks for filmmakers, the potential shooting locations in and around the capital and the pool of skilled film professionals.
Zsolt Lakatos, MFB's chief loan officer, said the investment at the studio was expected to be recouped in 12 years. Currently, they are already shooting the movie Monte Carlo there starring Katie Cassidy and Andie Macdowell with Nicole Kidman as the producer, to be released in 2011.
