Minister: DHS project a ‘calculated risk’

Minister for Economic Development, Housing, Urban Renewal, Transport and Civil Aviation, Guy Joseph, has declared that the government has taken a calculated risk in respect of the controversial $ US 2.6 billion Desert Star Holdings Limited (DHS) project.

Joseph was addressing a presentation ceremony today for the ‘Pearl of the Caribbean’ project at the Sandals Grande Saint Lucian Spa and Beach resort.

He told his audience that every investor knows that projects contain a certain element of risk.

“Usually the higher the risk the greater the returns,” the minister said.

In respect of the DSH initiative, Joseph acknowledged that the current administration is taking a risk.

But he declared that it was not a careless risk.

“It is a calculated risk because anything can happen that will not cause a project to go through,” he stated.

The Castries South East MP made reference to the 2008 global financial crisis, recalling that a number of projects which were actually in the pipeline did not materialise.

According to Joseph, this did not mean that initiatives should not be pursued because of the risk involved.

He spoke of the need to investigate the background of an investor.

Joseph explained, to applause from his audience, that DSH Chairman, Teo Ah Khing, has a reputation for success in all the projects that he has undertaken.

“I have the confidence that this project is going to materialize,” the minister asserted.

He said:

“If one tenth of what I am seeing is going to materialise the Saint Lucia will be a better place.”

The minister said he believes that the ‘Pearl of the Caribbean’ project is one of the boldest moves that any government  can take in any country in this region or any part of the world at this point in time.

“The reality is that in this world of competition, countries must be willing to make bold moves and take bold initiatives if you are going to differentiate yourself from the rest of the competitors,” Joseph said.

He said that the project is challenging to some people because they are unaccustomed to that scale of development in small Islands.

“But should we not dream big? Should we not aspire to be the best? We know that Saint Lucia is the Helen of the West and I believe that this project – Pearl of the Caribbean, is going to truly differentiate Saint Lucia from the rest of its neighbours,” the minister declared to more applause.

He recalled that Vieux Fort has long been dubbed: ‘The new frontier for development’.

“Many have come and gone, promising to deliver for the south of the Island,” Joseph stated, adding that perhaps Vieux Fort is  one of the best preserved areas for development here.

Bit he said what has been witnessed is ‘lip service’ over the years.

Joseph said he can well understand why some people are skeptical, fearful, unsure and wondering whether the DSH project is really going to happen.

“We cannot blame people when for so many years promises were made and nothing was delivered,” the minister declared.

 

5 COMMENTS

  1. It is so sad that one would destroy the natural beauty of st Lucia to chase the US Dollar. Greed perpetuates greed. This can easily be number six of the failed projects and the safest thing is it’s no risk for those who will get their cut. Corruption is the name of the game and we know that a few greedy people will make plenty money from this. Lucians will be the ones to suffer as usual while others rape the profits of another misconducted venture.

  2. It’s such a shame to see a man of no stature, educational background or experience in charge of such a ministry. As you correctly stated, another means to embezzle funds..

  3. I certainly agree with your point about taking risks. This is not a calculated risk with an investor dictating the terms. In fact based on te documents I read, the investor has zero risk, that’s the most assinigne investment for a government. Any investor would jump at the idea of assuming zero risk for a return. Don’t we not know the meaning of investment or the actual theory behind investing? Tough pill to swallow.

  4. Respect your opinion but your analogy is totally different. Marriage is not solely an investment, there are a lot more variables invested in marriage depending on how you look at it, time, money, procreation, livity spiritual and physical growth. On the other hand investment entails risk, return

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