Any kind of protectionism is harmful, says Honeywell chief

Any kind of protectionism is going to be harmful for the world economy, a top official of Honeywell International, a Fortune 100 Global diversified technology and manufacturing firm, said on Thursday.

"Any kind of protectionism in India or China or elsewhere is very harmful or worrisome for the global economy", said David Cote, Honeywell's Chairman and CEO, reacting to US President Barack Obama's
announcement about end of tax incentives to companies which create jobs overseas in places like Bangalore.

" I am not against creating jobs anywhere. I do know that anything that stops globalisation activity, any protectionism will be very harmful", he told reporters here.

"A great number of businesses would be seeing protectionism as negative, as bad. And I do hope that people in the Congress (US Congress) realise that you can't love jobs and hate people who create them", he said.

He said Honeywell's new "green diesel" has already been used in test flights in New Zealand.

"The green diesel, which is a drop-in diesel, which can be made from plants like algae has already flown test flights in New Zealand", he said to a query on the firm's speciality materials business.

"We have also come up with a new fertiliser called Ammonium Sulphate Nitrate", he said.

Agencies