HARTFORD, Conn. (AP) - United Technologies' business growth opportunities are better in China than India, the company's chairman and chief executive officer George David said Tuesday.
India still has many restricted investment areas such as banking, civil aviation, housing and telecommunications, which are more open in China, said David, head of the Hartford-based maker of helicopters, aircraft engines, elevators and heating and cooling systems.
''China for us is enormous and huge,'' said David, while presenting at Lehman Brothers' 24th annual Industrial Select conference in Miami Beach, Fla.
''China is open. India is closed,'' he said.
UTC revenues from China are approaching $2 billion a year, up from more than $700 million in 2000, he said. Revenue from India is nearly $400 million, up from about $200 million in each year from 2000 to 2004.
David also presented charts showing that foreign direct investment in China has surged to nearly $75 billion a year, while India's has been hovering below $15 billion. Most of the foreign investment in China is going into manufacturing, while most in India goes into information technology and call centers.
China is also building infrastructure such as highways, while workers there have been flooding manufacturing cities from rural areas, he said. India, meanwhile, needs substantial improvements to its roads, David said.
David also affirmed the 2007 guidance the company announced last month during its fourth quarter earnings report. The company expects earnings of $4.05 per share to $4.20 per share, while analysts expected a 2007 profit of $4.16 per share.
UTC's subsidiaries include jet engine-maker Pratt & Whitney, helicopter-maker Sikorsky, NASA contractor Hamilton Sundstrand, Otis elevators and heating and cooling equipment-maker Carrier.
