PETALING JAYA, Oct 28 (Bernama) -- It is time for Asean countries to collaborate in the manufacturing sector to take advantage of its vast market potential, while sharing research and development costs, said the president of the Chinese Chamber of Commerce & Industry of Kuala Lumpur and Selangor, Tan Sri William Cheng.

He also said it is timely for Asia to develop its own cars and engine where each country can produce certain parts.

"China has a lot of heavy machinery and it is hard to compete with it.

"Through collaboration between China and Asean countries, we will not have to depend too much on Europe and the United States, which are facing economic difficulties," he said during the conference on "Youth Entrepreneurship and Business Opportunities in the Economic Transformation Programme.

Cheng stressed that entrepreneurs in Malaysia have to focus on the right sector.

"It is better to go into the service industry due to its low cost of investment," he said.

In the agriculture sector, he added, it will take a longer time to be profitable and other countries like Indonesia, had better potential in it due to the vast amount of land available.

-- BERNAMA