The government will start construction of a RMG industrial park in Munshiganj in September, as the Chinese construction firm concerned submitted its feasibility report to the government. The Chinese firm - Orient International Holding Company - handed over the feasibility study report to the government for building the ready-made garment (RMG) industrial park at a cost of US$ 2.3 billion. President of Orient International Tang Xiao along with a delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) handed over the report to the secretariat office. The move for building the park is a joint venture initiative of BGMEA and the Chinese government. A memorandum of understanding (MoU) was signed between BGMEA and Orient International on June 10, 2014 during Prime Minister Sheikh Hasina's visit in China. Following the MoU a framework agreement was signed between the two sides on December 13. Subsequently, the feasibility report was prepared over the last five months. The RMG industrial park will be built on 492 acres of land, and it will have 300-500 factories, with a capacity to export products worth $ 4 billion. It will help create employment of 250,000 workforces. If everything goes according to the plan, the industrial park construction will be completed within the next four years. Bangladesh, the world's second largest RMG exporter after China, needs huge FDI along with local investment to emerge as a middle-income country by 2021, according to experts. Bangladesh now has 5.11 per cent share in the global RMG market, which was 2.56 per cent in 2000. As a garment exporter the country has overtaken Turkey and India in 2000.