Yes, it is. 'Made in Hungária' is a 2001 show by Miklós Fenyö (music and lyrics) and István Tasnádi (libretto) -- which has gone on to become one of the most successful musicals ever produced on Hungarian stage, with close to 250 sold-out shows and still running.
Fenyö and Tasnádi, as well as stage director László Méhes, are all involved in the making of the 2009 movie version, which will closely follow the hit play, but will introduce new characters and new songs.