Endgame with Gita Wirjawan - Pandu Sjahrir Patahkan Mitos tentang Danantara

Episode Date: January 19, 2026

Buku yang saya tulis, ‘What It Takes: Southeast Asia’, sekarang sudah tersedia dalam Bahasa Indonesia dan Inggris. Dapatkan di sini:https://books.endgame.idSudah baca? Tinggalkan review-mu di sini:https://www.goodreads.com/book/show/241922036-what-it-takes------------------Mengupas cerita di balik layar Danantara langsung bersama sang CIO, Pandu SjahrirPercakapan yang diramu untuk menjawab rasa penasaran kita semua: Apa sebenernya yang dilakukan Danantara? Mengapa penting? Bagaimana ejawantah ide dan gagasan yang dibawa? Siapa saja orang-orang di baliknya?#Endgame #GitaWirjawan #PanduSjahrirTopik selengkapnya:00:00 - Intro01:08 - Masuk ke ‘kampus militer’-nya ekonomi05:36 - Pentingya berjejaring08:35 - 5 nilai yang diajarkan orang tua Pandu13:31 - Danantara17:28 - Yang dicari dari investasi23:05 - Passion Pandu sesungguhnya: Pendidikan dan Guru27:06 - Patahkan mitos tentang Danantara38:27 - Korupsi43:19 - Ketahanan Pangan46:51 - Ketahanan Energi54:02 - Kenapa investasi asing itu penting1:04:46 - Harus lihat 50—100 tahun ke depan1:11:25 - Narasi dari Asia Tenggara1:17:03 - Waste to Energy------------------Episode lain yang mungkin Anda sukai:https://youtu.be/Ss6ud71pmvQ?si=4fgqA2LlfICPLpArhttps://youtu.be/lpQrUTWXHZU?si=1gpeWZBUH6lydFeYhttps://youtu.be/Ne6hcWoWzDo?si=bvlj1YiMlSWqDL-g------------------

I'm one-number-2 from the first one-nepard-one-pressed. Then I asked, why? Yeah, more than being susa-law. So, I'm going to be ranking 50 than the ranking 1. Marra, come to be it. So, I-ha-ha-and-a-u-u-sha-a-u-a-oh-a-luck-in-get-in-a.

I'm-hac-a-uqqqqqqq. But, for you, it's up to you. Can't-c-cun-ppunt-ppintu-it to be-susat? And game's two. I was at the endgame. That's the other, that's, it's a commercial return,

I must make money. And this, I think, more than I think, we're more than we invest, we have to think there, there can be a $10 billion

business. That's important, because if we think small, effect is nothing. Because, this is a business with expectation

and with pessimism that, two-d-d-d-d-and-a-and-pessam-a-d-d-d-d-d-. Hello, I'm so much of my book What It Takes, South East Asia, is already in the basis

Indonesia and the language language English. Bucco is made up against and atopo endgame. Dot-D.D.D.D.D.D. Now, back to the show. Hello,

time, today, we're to come to come to comeu Shahrir, as the head of the Anandah, Rupandu, thank you very, may be able to beaunjunging. Siapa. Susa, can, bapak, bro, I have said, you know, sir, I'm saying, yeah, pa,

Papa, senior, yeah. Like, yeah, I'm just, yeah, school in Chicago, then,

and, and, Nangbuanah, mursing, gawang, gurnan, and, and,

why, to Chicago and Stanford. And, dula, d'u-d-d- -d-l-gmagn- D-L. How,

how, it, So, So, the fact is my my my way of my my way is a

educator two-doer two-doin- yeah at the U.I and then my dad

went to Harvard for Ph.D. Ibu-s- -you- to BU for Ph.D. Although,

he was, but he'd be-ed- both finish their PhD. So, so they're

both, the educator. So, so I, and I, Gita, you know,

when we grew up, I still instill you have to learner, I'm just like that's yeah, I'm gladdened to me, but the other than the other than I'm sorry, and from the keychal,

we're still, we're still the value of education. So, he always said, I can give you the tools, but I will never give you the fish. I'll give you the fishing route, but never the fish. Now, from there, I'm going to

I'm at PL. I'm badung, Pat. in the PL, Benang, badung, Bandal. I've been ranking number 1 or number 2 from 50, from 1st,000, then, I'm ranking 50 from 51. Then I asked, why? Yeah, more so much.

It's more than ranking 50 than ranking 1. Marra, I'mpe. Amper, dikebuking piqued peckery rotan. That's jama, jama. my name's 8th grade. So, when I'm going to make sure, my mom, my mom, I'm going to be able to make a putusant. You're going to go to come from the country.

Nothing, we're going to give school. I'm against it. But I said, yeah, we've got so new. And I struggle. I'm going to work in the world degree.

High school. I really struggled. But, finally, after 3 years, I can get score that good. I'm after school. I asked my dad, I'm sorry, I'm going to where's why? I'm like, I'm going to say,

this is the way. He's going to be able to be economic, so, they're going to be able to, this economy to be able to. So, really, I mean, what? He said, there's Chicago, Princeton, Harvard.

Now, he mayenia ranking, Pak, Jama, so he didn't look at brand. He'll ranking first. Wow. From ranking, then, he's like, but he's gonna,

He said, do you know, do you know, dude, the most of Harvard, the global. I'm d'Avastard, al-hmdulah, get-a-tinaw, one of the school that did-trimed. Then I said, yeah, I'm like,

I'm going to be able to. He said, but, but, that's the school that's the most popular. Because in Asia, not he'd

know. But I went, and then the first day, first week, I did bring, I, I, we're all, we're all,

we're all, a lot of your left, look it to your right. At the end of the four years, one of you won't be here. Hmm. What? What?

What's what? Thener, banterer, in school, they're saying, there's, there's lusolec-l-lose-on, where hell freezes over, where fun comes to die. I'm going to say. I'm going to say,

I'm sorry. This is a school, part, part. And, been, sir, sir. It's similar, like, school military for economy. Yeah, even gary backer. He's gothander.

He's got undergrat for macroeconomy. I'm going to say, he's also going to say that same. If you've got A, you'll be a major and then be a PhD in below me. You've got B plus. You can be Ph.D. Nanty, in Harvard or, if I, Stanford. And if you're notepard, you'll be a good,

back the score of the score of my God, 70 to the last, I think you can go to Harvard. Bener, ma. I think you can go to Harvard. But I got 5-5, but got C plus. I'm going to be a great investment banker. This is I caudder, hey, career my, not bish, the economy.

Because he put the barrier, Gary Becker, Gary Becker, it's either Chicago. If not two, the rest, just be a good investment person. Gita, so, so it was a great class. Half of the people left. From 100 people, that was actually the cleaning ground for economy in Chicago. And, in there's it.

Actually, the decision of career was made very fast for me. So I'm going, okay, I think my job, I want to make money. In semester first? It was semester the third. Yeah, semester first I'm notamatica semester two, mathematics until I do proof theory

in the year, I'm okay, but I don't think I'm there, that's javentia. So they decided for me my career in the semester, the third, semester, the four in Chicago.

So, I'm after that, I'm going to I, I'm working, after work I just to try business school I'm just like to say I'm glad at Stanford when I went there

I was a good school atlisputuil I was a good school until 2007 and it was the best year I left during the peak of the market or I graduated everyone in my year

made it one so so now COO's META teman class I there's C. all the big tech conglomerate, so, time, so, paledula.

So, al-hmudelah, when I was gonna be able to-sac-sohn. I also, I'm gonna bea-sureynt-a-pinter. So I try, dis-scipacred disclosure, but everybody very competitive. Yeah, can't, in Stanford, too,

people, it's like bebeck. Chill, in atas, but the kaki-n't get-terus. So, so much it's a marathon. What's the onset? I'm not the smartest one. So, I'm not the smartest one. So, I always try to help me.

So I always try in every study group. I always try in every study group. There's one that's from Bain Capital or, misalry, there's one from McKinsey, and there's one, basically, from GE, B. Then, sometimes,

this, I like, I like to know if people hear it. I'm sorry, I'm the, the table of content, I'm sorry, the person who's very much a, who's what's the name of the goldman, he's betty. Oh, no, no, no, let me do it. What about the modeling? Bikin, making, bickin'sala d'niquet, pa. He's the, I'm bettoolin.

So, I'm the consultant will make the framework. The Goldman guys will make the model. Then, then, the operation, gives meusk, what? I'm going to buy in wine, buyin the mackan. And then I'm always I'm a concierge service, I've been happy. I always do you achaq with team team yeah.

So, al-a-grandulah, we're great group, not individual. I'm al-dolidlis. I know what I'm a good at. I know what I'm not good at. I guess I'm a good concierge. Now, from there's reputations, when I'm school, when I'm back, he said, oh, Pan, this is the the best investment. The best investment is actually to my classmates. So, they're just because I said, I know what I don't know. I know. I know what I know. Let me try to bring something to the table. I'm from the concierge. Akerate's, then we can't be able to beaing one of the other

so. So, that's the experience of school, with the experience of life. From there, I'm just, I'm going to work in New York. Abyss to I'd be printah back. Gettema, Pat, 2011, 211st, first time. From there, from there, partemannan from, Pat. Mentorship from, you know, this. Now, this, I'm going to back to two things.

the the power of theuotuant because he's upbishop imagination and succour-sucur to be lathed so hockey to have been able to

beckar-lilin-sembang yeah yeah, back-lilin-sembang also but he has to be latien now people in Indonesia that 88%

not have been pedigana sate you're lucky Very lucky. Two-a-a-a-tie-a-tie-that-a-tie-a-tok. Now, this is-cuit to point the two. What's the same thing, I don't quite believe predeterminism.

Yeah, right, he's going to predetermine. You, if you, if you're going to beckle-investment banker, but you're not backal, ever be a PhD, like, in economy or what, that, that's not, that's to be... Lawan. ...are to be fatahing. That's how, that.

So, that's how to. Point one, the two, the 8.8% of the power of matthagued in Indonesia, they can break out. Stutu, sir. And the way of the breakout, you know, tautenna, they're getting school. They're got a guru. So, I'm a person who's who's very much, Pat. So, my, I'ma, I'ma, I'ma, I'm from little, I'm going to get inget, I, I, I'm going to give you education.

That's just. So he's a false sense of all I can't get a lot. The only warisans, the only warisans to education, education. So, from the first time they've been called education, education. I'll try to buyer the

money school, until you can be sure, after you're on your own. And that, I think, boong, upy umor 21, pa. Ruphna, rupon, Right.

And I'm the other, I'm about I'm like I'm, because now I've got put in nine years, I'm going to have sometimes I'm with my sister's I'm,

maybe I'm not tegat. Ayah and Ibu my busai, even my mom's said, my and I'm too tegahan. This is,

because I'm just I'm just, I've been done because I've been because I'm doing and I'm doing and what they say. I only give you this.

But I only give you this. the three that's about me I'ma-a-education, Pandu, I can't book a little bit, but for you can't be able to be able to you, can't you not up to you, can't be able to put into into into into into, and it's also better, pa.

Malas I'm also, I back, Bapa can't say when I back, I'd bebuckin'pintu, and om's my, I'll make, I'll make sure. Opening the door is just one step. That's the easiest step. Yeah, follow-up. follow-up's-up-upes-and-ad-and-a-a-a-s-other. So, my-ya-sha-sha-sha-sha-a-sha-sha-a-ha-fail-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-a-c't-a-a-a-a-a-cigh-a-a-old,

and also, sometimes, he not-moh-if-be-a-v swamp. So, that there's a bad-a-a-a-bella-a-may-a-a-loh-a-l-a-a-know-a-a-law, out of the other, but if we're about people, I'm very tough. So, that's one value

that's hard work that's all the thing, that's important. The two, this also is too,

I'm going to say humble, but what you're that's humility index, I'm also, I'm

just, I'm just, I'm back back. And, kind of in Indonesia, if it's somebody's

somong, it's, it's, it's, Maty carto. So you have to be humble and whatever it is you do. And, yeah, what's important, you have to be,

you know, B, you're doing A. I'm going to do, it's all. Now, O'm my, I'm going to be a lot of course, there's a mom my,

yeah, it's more finishing, see. But really the fundamental, I'mma'amah, my mother, I'm a day's like to say, hard work, education, not tegatine in a way, to make sure that we're not

to give money or barang, more than values. Yeah. Well, it's from there, maybe bocab, can't be demanding, but he's more demanding to be demanding

to rather than if you. Like, yeah, but what's more than I'm more than I'm a bit more. You see him differently than the way I see him. If he's going to be around, but, sometimes, but yeah,

I'm not, but I'm not right, because I'm not PL, sometimes I'm, even, there's like, there's a good thing. So, because I'm a good thing. Because I'm not, I'm trying to try to work hard, why I'm not a carers? I want to try to get more than the way. There's got to be it from little.

This is as we're alighted to Darnatara. You're put perron so much morebiasa, in Darnetara. Yeah, right? as capital allocator. But I'm trying to becust in context the end up

how much can't make the same can't make and scale up the education through quality of guru that's very much

if it's not because of the majority of the majority not berpendidicant. So, pa, is something that's very very ambitious, to be honest.

I took it, maybe the reason, I, because I'm not really, this is a lot of legacy that's very. So, I can't put

backian, I can't put backian, and to be sure, and to be a bitipan hadia for leaders and antarer back. So, so mindset I,

when I was most time, when the first time, I'm going to be president, that's that's that's we're back on, and I'm from there's from from the first, maybe, uh, the fact that I'm always passionate about education.

So, so I'm always look at Danantara, to personally, as human capital bank. So, when I'm talking about Bang Rosan, with Bang Doni, but I've got shared the same thinking. Because I'm actually, I'm playing passionate about education, actually. So, so on education, so, so, yeah?

So, so, from there's it, can't, yeah, we recruit the best Indonesians first? From the best Indonesian, the best diaspora. It's like the best diaspora. Then if we don't have it, maybe the best foreign talent. And al-hmmullah, Paul, President, this is very international and believe we're not even focus

to the sumber day of the human-manusia. It is all human capital development. So, I'm doubling down. Yeah, what namadulah, from three people, we're at least February. So now, account our account we're 7, even nationalities.

Although, but for the issue, that's not the issue. The issue is how we can make make sense to attract the best talent that's the same. That's the talenta is able to make sure

productivity per capita more than it. Because this is about the sum of the humanus of SDRM per capita. Like GDP per capita, if we're talking

5,000, to be 15,000, it's really productivity. That's what we has we have we've got to takeanked. So, because of the case of allocation pun, this is, part of education too,

pa. I'm going to be able to shareing. That's, endgame, I was two. One is, there's, commercial return. We have made money.

And if I make money, I can also capital from the world. To attract foreign capital. So, language is, same, and this, and more than I mean, like I'm

more than I'm going to quality job creation, but high quality job creation, so much productivity per capita. The sustainability, ma, it's very important, and environment. Sustainability environment, in front, and I'm notewoidable trend,

that I'm avoidable trend, that we have to capture from now. And, we're making investments in case, this, this, example, like a new, like ways to energy, it's just announced, the investment with SK, for plasma, where we're just brought from importing all this plasma to essentially being able to fulfill all our national demand. And investment berkeleyutely, it's probably going to be a theme.

Where we have to make, not just national champion, but international champion. That's the pemmikering. So when we invest, we have to make it, there's not any, potency, it can be a $10 billion business. that's important, because if we have to think, if we have to think B, if President's always going to aim for the moon and if it doesn't work, you land among the stars. I think it's spot on.

We have to aim them. I always make sure make it to people in the world, that it's the Antarrara, this is the ultimate translator. Yeah, right? that can de-nation, norasiesia, which can be translonsalachy from the catatigant,

being something that's more can't bebuncust, quantification, predixy, and price or denilay. Because, yeah, perumpamance is if it's the power

country, gettemned with the power of more big back, he only embankaking being as people from

democracy the number three in the world, population the best number four in the world, stop at the maybe he may not get a seat at the table

but if he's not the last I'm going to call upon a lot of trillion and he's set up to do internationalization or collaboration as far as he will get a seat at the table yeah, right? Now that's how,

so, penitemate. For the keypentingan 285 million people. Yeah, so this is good, because, because I'm not after I've done for the effect this is after I'm having after 10, I'm here in

the capital president but essentially, we're saying if I'm going to to go to the world I'm not like like this. Begging or asking for investment.

This is I'm here ready to give. From here to be here to begin to this to begin in this, it changes the entire dynamic from a certain dynamic, from a relationship.

It really just doesn't put you in the corner of table, it puts you really front and center in every discussion. And, and even if we're in person, if we're investsation in the world, actually the themeing is very simple.

What is the benefit for Indonesia. In the world, commercial is number one. I can't go on the first. Commercial is number one. But the two, benefit what I can't bring me technology transfer. Bring me know-how and bring me knowledge.

So even if I, if I'm justly, investas with fund manager I'm out, I'm sure, I'll ask, don't, there's people, don't know, there's a month,

one year, bring it back home. And if there person that's better, better, and bestop, we'll be,

don't, we'll investasas, we'll come, we're back. So, one, we're just sign, uh, one day,

we can, we can, we can't, but point, the point of less is this, I can't invests to you.

But you want to money you know-com to investasies. Now, one of the things that are a lot of different, instead of me taking greenfield risk, I take brownfield risk.

That's better, because from the return and also risk, return risk is more more than business that's more than cash flow.

But from that they can bring to Indonesia not just money, to rampilance and technology to make a

industry in So this, in a way, it's a way, Kyle to get ikan new, you can't be able productivity that's more than you. So, if you're maybe the theme

in the Dantara, one decade to the time, how much more productivity to Indonesia, you know, marginal productivity

yeah, is $30,000 dollar per person, PPP Justit. Singapore, 250,000. Di-illustration,

how much, how much more than, how much more than the time? to the way that's the right to make. And, from parisans that's a lot of the country,

we're going to, we're a separate, we're a very large country. And with that, maybe it's a lot of complexities, but but it's good, I also, I'm not

aim for Singapore. Bayangin, if we can't be a major this is like, wadish-wadish, wadish, we're going to be slaming. It's all right-bye. So, focus utama our part-it-in-a-law,

I'm-lawed-law. I'll not going to talk to the policy, but I'll leave it on the policy. But I'm in-suechewateran society and education-mash-racat. I think both of us are aligned. Tingal execu-in-a-gecusiness in-bago.

At least, we're, we're going to bechare, we're able to contribute-as-as-a-court. because we're simply business organization. From the sysi, all I want to focus, how can I bring the best Indonesian, the best diaspora, and others who can be able to

build business sector new that can't bring Indonesia competitive. We have rights to win, sirs, sirs, data, alas. From the sumber day alam, it's how we can translate to downstream, that we can't bring up to the rampirance and more like EV.

We talk about, we just now have to do it. Nantynautti we talk about, how can we do that from a business sector? And from business sector this, every instance I do, I always think crowding in. Not pern't think crowding out. I have to have private sector,

because I do believe, I'm from private sector, same as much Bapa. We both believe private sector knows it fastest, best. My job is to be an accelerator. of that and crowd in. For every dollar I want to put in, at least I have to find one other dollar

and be said from outside. But this is not written, obviously, we want to do it. But if we can do more, it's more, it's more than I'm saying more than I'm always percied SM, we do training. But I may say finishing school,

but for now. I can only do the finishing school. So I want you to be better, as an accountant, I want you to be the best in terms of finance, deal making, I'm making, this, this is also

we're doing, because we're also, we're trying to keep in front of, who's what we can. And this, I mean, I think

learn life. So, the other people, the first time. Ska-dueing deal, or two billion U.S. It's actually big, but,

but, but, I have to belajohn, but, I'm not, I'm not, I'm not, I'm not, I'm not sure. Because with this is the only way to learn.

I'm going to hire. There's a lot of people from GIC. I ask. Because Dave done it. Yo, I'm going to learn. How do you do it? Can be it's a lot? If you're not going to bea'clock.

How do you do it? How do you do it? How do you do it? Copy with pride. If you're said, President. We do it here, too. Yeah.

GPLAC. GPL. And, and, gini, you know, And $1 billion to doresource requirement is almost scale up. Now, sorry, I don't mean to be pushing back on the same point. But, sang, look, and antarra, this, is very much translation,

and it's notherstaking, and so. Because it, capital formation. Penanaman model, this, is to be able, just to, not only out, now, how can't even how much catalyzation the people

more than the end of the same the end up, the model, too, will be much, if we're getting investation in product STEM. Because the STEM,

science, technology, engineering, mathematics, is, can't be two, and two, and four. And, they can't make,

quantification, menilay. Now, Indonesia, is just a $250,000, R-10, China, China, 4-1st5-juta, India, 2-5-juta, Asia-Tengara, 750,000. Semestinia, thereinthara, can make sure to do that make-luck-lust to

fombollah-est-in-a-half-a-half-a-old. Because you're vested. Oh, yeah, sir. You've got to beck, ma'amptingan. It's very, ma'am. Bap, you know, Bap, Nanyar-al, what I'm not doing to be-ad-a-to-in-a-out-Sat. How do we translate it outside? So, because I'm always, I'm going to be able to be able to be sure.

Because in a way, this we can't be able to be able to be able to be able to. And, especially, one of the one of course, I do believe if guru is one thing, one's one that's one that. No, that's just a debate. So, so, I'm back to the acer. I'm not going to Lur, I'ma, Pa, Pa. I, Pa. I'm sorry, I, par.

Ampah, I'm sorry, I'm at the same as far as I'm, because of the school, this is private school. This is a private school. Guru is all the same as to level director in a certain person, because they're going to a lot of our own our, sir, ma'am, to be a person,

and I always look at, there has to be a real purpose where guru, too, has to be a real purpose, where guru too, because the social value, that's just a lot more than even director in a certain for a person, to be honest, for me.

So I have my own personal belief, I'm sure, I can make sure that something in that, but maybe not in podcast this, I can share many. But that's the top-of-mind for me for me body, but I'm okay,

I'm not too provocative about that. But... In fact, if, if, sir, Yeah, yeah, this is that, this is there. Now, jesus, mythos what are you that has been partakkan with Danantara?

If you're maybe that's always being able to be able to, is that one MDB, that's one. Mythos also is we're crowding out private sector, where everyone is the whole thing is the same way that's all right. And that's the three. It's the three. It's the three. It's the part of power.

KATHLEEN-K. I'm doing my own Q&A. So, it's maybe three things that, maybe top-of-mind for I, as a mythos about and entara, ma'am. Penjolation?

Right, right, can? Pat, Gita, is pinter. I'm doing I'm doing to ask, then, I'm sorry, But this

But it's just We're back We're three, we're three Sepakot, we're making This is a legacy We need to make Peopleer Umbudan Anderanator

To be better And it's far more And it's, ma'aminational Company, ma'am Yeah, right? And, And, we don't want to be the

T-Off Or the sovereign world Of, we We just want to be the best. And for that we have to make definisical we have to create

shareholder return to one the two we have to create intergenerational wealth so we have to make profit then to create

both we need process we need process we need we need governance and jellas we need management that

so I'm so I'm going to in the action that I always talk about process during

SDM process governance risk I'm not not not going to much investment

Because from the main-fessional, that's the most important. And investment that, it's a long game, ma'am. End-game's a long game. So, so it's a long game. So, it's a long game. But what can't beinoling per-tourn, job creation. Environmental impact. That's probably can't we'll be able, pa.

Yeah, this is important. Because sovereign wealth fund, pun, as a new, that's a part of Indonesia. That's the work for the work, to show the impact to the community.

Because, it's a person that is a new way with expectation that's high, and with pessimism that's very two-due,

and this is we try, by design, we have, not plan, yeah, to communicate and see. And, someone people

menelike, this, this is giving judgment, and I'm notar. I'm always, I'm partanguropan, because this is a lot of the same mullier.

Because this is menelior bentoer betturalan between entities as operator and institution as a regulator. Yep. Although this quasi, government.

The second, the nalurinia, this isakanakan, if I'm not gonna be depolitization, perception, which politis, is to put points on board.

but I'm just not even somepac-guesur to put points on the board because it's not quite but I'm sure and I'm sure that I'm sure that I'm back long-endek,

and long, every timeantara put points on the board, shareholder return, that's robust. It's going to be depolitization. Yeah, sir. Yeah, right, perception.

So, so, from the side, the endangue, the first, governance. Yeah. Meman, there's politici must be in Danantara. So, it's eliminate also

potential conflict of interest that there. The two, is, it must commercial return, sir, sir, has to have to have to return. That's just because you have to make return. So, so I'm not want to be off-balance shit

from the government to call-hall that which are under urussion social or urusian-mashirekaed-louas, but it's a camouflage as an investment. This is it was a lot of investment that will be given. Ketka, it's from, from the same time that's coming from, this judgment rule, sir. This is important, because it's not even

that's wronged if you're wronged that's the result. It's a good thing. That's a effect to apparelian this is something that's also that also that's important. Because maybe this is one, you, sir, yeah, Pa. Many of the endangue do not, this is, which I know, expert expert,

who, who, who, who madevoken to me, in fact, back. So, 2009, 2001, 2003, many so, undang that did make, which, actually, but because, because of the

because of the last part, corruption is actually a tax on the economy for growth. So, this is good idea to makehinking corruption. But, yeah, this is also there in other per-grapheration like now,

transparency more more more, it's more be able to beesesuigan with the time that where, because there's business judgment rule that, to beindunging perbuotan investment

is done. Because I'm just like, you never know, in life, I'm always thinking about, we don't have conflict of interest, we do our best, because this will be a catatting our lives. Focus on performance, performance, performance,

because everyone's people who are menelay. That's I'm saying, because this is important, because of framework, in the formikirang, all the things that are in the entire, and al-a-dalen, it's become a place that people want to work. I only have conflict of interest.

Conflict of interest. Work with hearty. Worker's the same thing. This, this, this is going to be a setatting. That's important, I've never, in campus,

in the world, get to know who, yeah, not want to work in Duranthara. Mm. Moulde

from the population diaspora, Indonesia. But, the end-ah-ary-er-er-er-in-cuis-tus-y-chus-tive. Yeah, yeah, yeah,

hey, this opportunity in-d-d-tah-tara, how, and that's if I'monged falsafing, and the government of the people to continue to beiniscararitization talenta. And this, if I think important, if we're juxtapose or comparations

between Indonesia or Asia-Tengara with Hong Kongk, we're always be banged-died as democracy, but we're not too be able to democratization talenta. Recruit people, maitocracy. Yeah, ma'amacres. But if you're still in lawyalties and potronationation.

But if they're bullet mendemocratisacisical talenta. This, it smells good. Yeah. Yeah, can? Engel, how to sustain this? So, so, make sure, at the end, can we have to deliver results.

So, so. So from me, okay, from the sysing I'm going to be a bank best, Goldman or what, you know, you know, maybe is director or senior director. If you're partner, if there's one, if partner,

where you're just leveled at the bottom, I'm doing one level. If you're managing director, you've got to be enough with life, on the way, this is really legacy building. That's, though, so, pa.

So, so faring, even when we make us harder. We, in a way, you're doing more, but this is important, because we have reposition the person we're supposed like we,

there's, there's, like, we know, for example, the company, we've got, made law firm, the most,

the biggest, in Indonesia, yeah, he doesn't need money. Yeah, so, so, so,

if I'm, also, he, he's, he, he, yeah, man,

M. NAC, NAC, D, you know, NAC, private equity. So I'm not for sure, professional.

Now, they're like legacy building. Now, this is like a lot. Yeah. To be able to, I'm sure, people who are more pinter than they're not recruiting people that can be surer-sure-sure. Mindseting our mindset is

go select people who can one day replace you. And one day two, cannot be long. That's also important, ma'am. So, so it gives us a sense of urgency. So, if you look at the team

and an-tara in investment, from the level to the last year-aussi to my mind, ma'clock. And I've already-oh, I've been there's been from the first, back, quality's the quality

so if I have to work Saturday the same goes to you but focus on your family you have your family time but yeah this work work balance from the way I'm saying how much you're saying

I'm saying that's so this from we set the standard very very high this is important so good so there's some I'm not for me

so we're backus and we're just real and we're saying no hard feelings What's important? So, maybe now is there's been people who's going to be able to bealt. Alamundulia.

Permimpin, people are like Deng Shopeng Shopeng, Likwan You, that's from the way. If they're recruited people, it's three attributes.

First, competency. The two, Integrity. Three, accountability. That's just Giplak just.

Jplak, like, for the The kind of our Because of the bestis-bos'wasn't. It's just enough, with the life, yeah, yeah,

but it's enough, done, for them, this is their way of giving back. So, so, I'm coming with, with the rexie,

like we're never as a carous in this, even when we're when we've beencooked our own, we're making, we're doing, we're first time

we've been able to, but it's the time, we've got to work the more, It's like that's up to 10, but it's up to 10, 11th, still in the country.

And what's luci that's, they're gonna be able to this, man. They're gonna, I'm gonna, I'm gonna, yeah, I'm gonna, the good thing about our directors, the MDs, too,

someone like to teach. So, I'm gonna make culture too, if you ever one day when you're job is to teach. We're gonna do need to be because, because. Because I have to be able to do. So, I'm just.

So, I'm just. one of the other one, I want to have I'm going to have been able to be able to be able to be able to. Yeah. I want to be able to be able to beajure to. But I always try to be kind, to be someone, to be sure, to be sure people. And I'll always give feedback that's right, direct.

So, if you're not to jatowing people, to make people to be important. that's important. Taddingingingue, the stilahorupsie. If you, corruptibility, related with two

things structural. The first, if a person, in domain whatever, make a sense to anyone, that you can get away with crime.

And, the two, that's structural, is, if the, the middle, and the bowing, it has been

to bea'a'a'a'a'an to be it's what on the other than what's the best what what's the same fundamental yeah, can't, in the institutional building what's your view on this? So, I mean, back back again, back like,

I mean, about how much, because we're in the way because we're doing name's SWAT analysis. Yeah, because I'm like, I'm sure Sebel,

pa. Strang, you, PANDU is, this. Weakness, opportunity, strata. I'm going to

say, that's the same, KATH, then I'm gonna do you know, Bukhakai Kewathe Kewaten and Klemann Kempan Kempan

Kempan Kempan Kempan Nih, but yeah, I'm doing, I try to do the same. While I'm sorry to make SWAT. What's already? What's your strength? What?

But, but we're doing, but... I guess we're doing, to Bali or to Bogor or to come on. We're going to come on. We're going to be it. Four-jamb. Have to list.

Have to monging. That's my dad's for eight years, pa. Eight to ten years. Ampe I, I said, oh, this, gila, not-tahen-gall-git-gill, not-tahed-gillagued,

So I stopped at the age of 20, so, sir. So I'm 12, 11, until umar 20. Begit, from there, communication, this is good,

yeah. Like this, a bit, I mean, I'm not too objective, but, you know, then I guess my name is, it's got,

so he's gumpulled, so, so, so. So, so, man, so much, so much, it's amazing,

you can, learn from there's there, now, now, that's it, Bapap, Bap,

I'm at TBS. I'm from the Khabi from, from, sir, sir, from. I've taken, though, in C, P, C, P, Copee. I'm going to be a number seven so, five-five-one-old. In-suit, I'm learning one.

Structur, it's important. It's important, because, if there's no guiding life. But, information to be able to get from where-as-a-many-sage. So, what I did I say to do with, because of human nature, people,

and it's very Indonesian culture. I'm still who's always active, I'm just to show yourself to be approachable. And I always I'm saying, what's one thing I should do?

Not back, back, people who's I'm going to shoppy, I'm being very dynamic. Anac, And the middle, where they're where they're give them to make sure.

Now, I'm trying to approach, pa, five level to be down one. It has to be one on one. If you're not up. One on one, dap.

And random, man, random. Now, again, with the one thing we have to do in investment, I have to listen to

all sides. I have to see, if I really like something, what is it that makes others don't like it. And if I don't like something, I have to also ask, what other's like. I need to know the perspective for the two-due

and from there, I can't get a holistic view. And after that, then I can say, should we take the risk, risk-adjusted, or not. So,

so maybe from the investment and the Pembthuked team, I want, I'm going to get view from all. That's important, so, so,

so, so I'm not I like controlled views. Because for me, all views, too, it's also made sure that all views, too, is that more than we're more than investation. Yeah.

Terakir, I always need to make sure none of you have a conflict of interest that can make sure whatever we do today, any investment, is extremely important as far national, then I try to termine from the people,

to the industry, this, how much. And it, this, this, this, this, this is, this paratigma baru, where we're going to focus upon human talent. Because business, and antar investment, what? It's a bunch of people. Human capital, that's it. So, that's it. So, because I'm not, exact, if I'm sorry, I'm not in it, and I have to learn,

I'm always constantly learning hearing, hearin'uiting the difference of the different thaning convergency. If the only convergent, that's too too conformist. Malacu, I'ma too. Bahia, that's not there check and balance.

Tacut, sir. Narration of the this, this is many. Eccorne. Two ecorotumatom is catahannan and ketan energy. Yeah, right.

Yeah, can? We're talking to the This is the productivity Pangan we can't be able to be relative less than than some of the other than

Behrapapa bhaas Well, it's not badpahous Well, it's 14 ton per hectare Isragan is 5.5 to 7 tonne This is upside is gila We're consuming, we'reas 35 juta ton Productions If we're about 35 jutea ton per

year, if you're not even import but if we're doing productivity, from 7 ton to 14 ton, we can be surplus 35 million tons. Yeah, right?

Now, that what can what can be done to do you? To propang Peningatan productivity. I'm going to general, sir. One, we have

make sure our SDMQ global standard. world-class. But we have to give opportunities. That's got to give opportunities. But our job is to make sure how do we compete with the other food giants

in the world? And, it's the solution's SDM, though. From SDM, we focus what can we use, what levers can we use to make up. Because many also

things that maybe, we have to make sure there's no conflict of interest. We have to make sure soal SDM, two, I think, I guess, productivity, right. But the level two

that's not far as long as communication in the sector. AI, I think, is the biggest game changer. We talk about this. From AI, we can use drone technology for both food

and energy security. And from this, we can be incremental, I think, from a margin perspective, at least a thousand basis point. At least, for,

can't even with the AI technology. Because, I'm not game changer that's even more than even more than ever more than internet. This will be faster from the internet.

Feeling I, we're as as a personer, or, as, as, as a society, we have two years to adopt. That's it. Because from here,

this, this, the AI is a. is a lot of the productivitist but this is a lot. But this is a different

between the half and the have-nots between the developed countries versus the developing country. If we have an

AI strategy and we do have a strategy this, this is leapfrook to the front

from from from the I want to push on this. I'm sure you will.

As the Dantara, but D'adha, but D'Am, D'Au'u, and Sdeme, from Sambang to Meroke, still be able to kilow, like what we've seen in Dantara. The question that's most lois is, how this can be gulirkan, with the speed and acceleration that's being in in inking?

So, the most quick, Pat, we can make Dantara as a example and memeliki success. And then just copy with pride. I can't let's as simple that. Okay. And one of the way we've got to make sure. We've got to make sure how much digital infrastructure that is far more.

Siap. Taddy we've done g-in-a-in-a-in-a-per-per-gigawatt. Only for data center's only 200-plus gigawatt. Maybe I'm going to be big. China is also doing something big. We're maybe only for data center alone, maybe only 8 to 10-gawatt max. UAE, as a single, 6,000,000,000,000-gawatt.

So if the world now, crisis this is crisis energy, because the power energy for artificial intelligence now has leapfrog for humans. This is also important,

because for two, three years, the development of data center that will have beenurbaner energy. Indonesia is blessed with many natural resources and excess energy. If we can't ...toehmendous to the need to the

to the country to the effectingan that's a lot of course? Why? Because from people from Sabang to Meroque, can get back information in HAPE, using technology, more more than more than more than the time.

And this has to beajured from the first. They are so blessed they have this. And the cost of distributing information is getting the marginal cost of zero. but but how much of the job of the digital infrastructure. I'm going to get back. But I'll back again to point about the point

on the tenet of the panguant. This is very manjank, if some of the day of manusia that's success in the pusat, it can be gulirken to a area, soing a person petanee, it's more cogniziness Agnesing.

And he's more can't be able to bea-a-a-i, anguplagelyt, this is very promising. And if it's a placid, this ischia can make-bucked consangangance.

Yeah, sir. Yeah, right? Yeah, right? Yeah, right? Yeah, right. one of the other than one of other, other than we can. We're nothered can

make sure massive and in discriminatory. Yeah, now, energy, the brain that's only that's but to 10 watt. But, only with the use

10 watt, we can't make upsaught, make upbuck, make up-punate. Yeah, but, I'm going to 10-50-lopal energy in the Google search.

That's correctivecation that's only 1,300 kilowatt hour per capita. If we're going to make up AI enabling, we have to 10,000 kilowatt per capita. Per capita. This is a

this. This ispaten. Now, this, I want to hear optimism of it, to make uptickhundred to 10,000 kilowatt hour per capita, we need to bea-watt, it's energy. So, this is 1 million megawatts.

And this is what I'm not sure. I'm sure. I'm sure. I'm just like 10, 50% of it just, that's new demand. Oh my gosh. That's the law. That's the same. And this is really the task we're

to make demand baru, sir. And this is really, to be the secondary effect people's all of Indonesia can use, because there's cause, don't know, because of those applications

that you've been about, over time will go down. It's given. Artiness, barrier of anterior barrier of cost to get best information also, more. And the task we are making sure to make sure

the toll route that. So, so I'm back, I'm going to intermediate step-ne, I have to setpiretie. Because this is for five years to the And AI, I mean I'm sure I'm more than the game changerserly, but what I'm dismayangued,

but what I'm saying is that, it's a lot of peningotation, that's underken. But if AI, it's kind of code, algorithm, and data. It's the peningotentitasness. Still, still. Belom, but. Beenan. Mackan, there is a sense that that it bloated, narrasiness. Wasted.

So it's it's not too. No, no, I'm optimistic. That's only that's good algorithm and data, it's intensities that's with the speed and acceleration that's the mustiness, the possibility in the next day, we don't have to be energy as much what we've been in this work.

That's a part, ma'am. That's a sort of a capation, in fact, I think it's going to make up energy. Catapotan I, malaginting, AI, and the energy that's 10 watt. If that's just 10 watt. If you're not,

chat GPT, if you're example, 5, this, now, under get Q 140, 150, chat GPT 6, the number,

the number more, and it's, it's also, and it's, the number, and it's, I'm back, me, BAPA,

over-N-a- time, over-n-n-n-a-Q-t average IQ we're- IQ our focus our focus our focus is our main, we're just about

we're over-reliant on the use of AI. Our focus is how how canemangan character and stamp for the people of the United.

This for I, this is like, this is like, this is all right, yeah. I'm not only just not just not only on

the long, that's being able, even to get down, I'm even to hear in Indonesia even,

people in maybe already already, maybe already, can, how are you looking at AI.

about AI in Indonesia I mean I must I'm more more than more, more than application to business business we're, because maybe all the enthusiasm

in America, but application in this not so down it. So, people don't feel like

because if I know if I'm talking with people in the world, right, in China in America,

it's better. It's really. Better. It's really. It's not to see. Now, in batas intuasion, Tijuana,

that's the same two-douin'n. That's been supermation AI in context creation. If Asia Tengara, with the

un-terbatasance energy, at best, only as a neighbor, at worst, only as as as a consumer. And that, too some degree.

But I, I'm sure with optimism you're, that, this, energy-in- -euro-refficient.

but for the same but for the per cent, for the power of 8, as you aptly pointed out, 30 to 40% 80% yet 400,000 megawatt, that's but to be $1 trillion. Now, if we can look the catarbatasance structural in Indonesia,

in fact ratio just 10% in, in monetary, M2 to be only 5% Singapore is at 2% If not, if there's FULUS that's out of the UNA. And it's foreign investment

to do, it's galang-al-a-gall-nazsche. So, we're able from the Sisi Capital Formation to be able, like, you said what, translate to the world. Kessempatan in Indonesia

so people know. So, people know. That's what I'm hoping to hear from you. From the hook, that's what I'm hoping to hear from you. From other countries. Because, because, you know, man,

because, man, people are, capitalist, like, in the world, at the end, they're making risk adjusted return, where they can't make Chuan.

I'm not there's enough for a lot. Our job is to translate that to the world, sir. So, so, so, people who are going to come back,

Mike Bloomberg came, a few days a lot of we hosting, we got the CEO, very large funds. Now,

we've got to Jakarta, which, before, I, I'm always, when the time?

Our first time. So much bonong, every day, we're going to be bononged one very large funds to say, will not invest in Indonesia and invest with us?

So I always give what's the hook. I invest in you, but in return you invest in us. From there, I also talk, I want the best of Indonesians can be in the place of Indonesians can be in place

you're with open arms. Because transfer of knowledge to the galangalangue, the better you as a country, the better we do. as a company. It's a partnership where I've been

from the first transfer of knowledge that's important. Can I put the best Indonesians to get to the best of you

come here? Ajarin for us too. They're also because for I'm human to human connectivity this galangalalan

and this is not only America to the country other we're going that same I was in Australia we said the same

Taddyam, they're not at the end, this is for the time, for the time, for the time, for the time, we don't have to worry about job losses. What we have to do

is to create bigger opportunities pie that's making good, be it, and we're having more than work. And, the sake of job

create high quality jobs. This is important for middle class, and middle class this can make to be middle upper, and middle upper can be upper,

This is important, ma. This is about FDI a bit. Gambarant on the Asia Tengarra, every time to 200-2-230 million. That number could be half a trillion. Because liquidity in the U.S.A.Bara-Barat, it's not-biasa-limpah, $140 trillion. From $200 million,

Indonesia only $30 to $30 to $140. Singapore, it's $100 to $140. For Indonesia, but... Yeah. It's recycled. But if we've got to recycle it's more, but if we've got to be able to be great, we have translation,

or capacity translation that's true, if I think, more than the capacity in Singapore to make FDI per-a-one per-of-orang, it's $20,000 to $30,000 to $1.00. Negar-Negra-Nagra-Nagre-Nusk,

just $100-400-0. Per capita, yeah. Per capita, So they're relative. They're absolutely. They're 100 to 140 million dollars Singapore. We're just 30 to 40 to So they win the game

absolutely and relatively. But I have a keyakiness if Danantara can be be transletor. This is a lot of 100 can't be able to

wow, that's gila to. And it's the end. It's right. But from 1,000 to 10, then will be more more than we set new barriers that's important, because our job,

as a translator, we're always penaricking FDI is very important. Soal penagation of the hookum is also very important. I think is very much. Certainty of law,

I think is getting better. Although, even this is a bigion from a transcissue, one of a new country to be more mature. This is important and don't la

be playing with the hukum, that, you, I, in myrott, it, I, in myrott, it's, you, for me, for the last.

And the last we do this, as we have to create success what investors are on the board. They have to make money. We also have to make money. We don't, we don't, we don't, we don't be able to be successful. Mal we have to celebrate success.

Absolutely. Because as much success in our country we're making good. We're making work in a positioning. And I think this is important and it's is that's important people to beaqa because of the person.

So, because I'm going to be many people who have to be in the land of the that. They don't have to do it. They don't have to do it. Because they've got just enough with the

life. So maybe who who's going to endgame also know that this is a legacy to give back. And I've already from the 20 MD

first that joined this is part of your history book focus our focus our can make more than the more than the more. And, I feel like what, pa, yeah, some care about education,

some care about productivity, all care about living legacy. Yeah. That's the more than that everyone who's going to leave legacy. This, this iscara geopolitic, I'm looking at, this is a good way.

Because I see the Uigh, that's very countervail in a geopolitic, technology, economy. If the premise it's been given upon

stabilitist, equilibrium geopolitic for Asia and Dengar So, so onus, to runas, to rank in the line,

merank on the platin geopolitic. Now, I think, look, Tionk, more as allocator

model technology. Because murg, because murray. Mura, ma, I'm justro America and the American because liquiditism

because they're not quite they're not yetak melancho now this we're we're just being being two and I'm sure that with 700 million people

we deserve we're partut to be swing state swing region we don't we're not perl we're not putak

in as musu or teman but we can swing to to mownap and our people and just

how making sure we can definisicing what's good for us this. This is, we define who we are, what we want to be. So, so better know, North Starry, this, the way, the a lot of, because, from the SISISB,

Ascendant, specifically, also for Indonesia, but, nowhasties our own so. So, if I say, we always want to be a country developed market, we want to make up productivity

per capita, yeah, focus our focus our PENCATM. This is important, because of the suburb of the Alam, you know, Indonesia is kind of because of

Kaya Raya, Pa, point is, the point is, the President, the Pekapal of the government, we're in crisis mode. We have to

all out. Because to mack, from the SDA to SDR to S&M, this, this, not cultural,

this is a, problem that, fundamental. And this is important, from the private sector to look

it, businessing we're not like, business how much than how much our business we can't make sure.

And now, Mr. President, I'm going to be sure. I'm going to be able from the world even, silhouer, because it's a transfer of knowledge.

And this is what we're doing, in all the company, investment, investment that we look,

the best talent, and have that best talent and have that best talent and then transfer of knowledge to us, people,

maybe in Sumedang if there's a good enough guru, and in the Desa Qantam and in the Desa there, no, there are

there can't get a lot of, and there's someone who's who's the people who's the main can't be making mecanica

quantum with passport English to call to Sumedang to do you know to make sure. I see,

no issue if I'm if I'm no issue if I I'm with you. But learning is learning. I'm with you. I'm with you.

You want to learn from as well as you're be able to learn you can get. What's the language is one. Exx. If I'm going to be exacted, can't be able to beajured from from any from any of some, and we need to find the best stem talent

to be sharing to us, but exactness. It's about coding, and it's about coding, and it's about barrier, that, manatea, if I've got nationality, if we've got to do it, and we can recruit the best talent,

yeah, why not? So I'm doing it in sphere that I'm doing it in the sphere that I'm just focus to sphere that I have, yeah, we just find the best managerial talent, the best operational talent for the business and we investasi. I'm going to get,

there's debate in here, but I'm seeing, it's a test litmus that has been left by the whole people from subargue. If they're notary, make appreciatesation the importance of making democratization,

penitism, with an interbuckawn, to meditacan, for topic anything that's been a bit more. Apart, because STEM, because STEM,

it's not much debate, because if if you're there's a lot, no, or not. Yeah, it's just, STEM just, because, because what's

the same, because, because what's the same, is how much to make sure that'satting. That's the same thing. So, I mean, I mean, I said,

I've been said, but I'm going to tell you, I'm going to talk about, but maybe at the economy, but maybe in the university that worth it for economy, the three-schooling, that's not. The other, it's all right, you know, may be it, that's about. But I'm not asapact with Gary Becker.

Yeah, no, it's about. It's about predeterminism. Predeterminism. Yeah, right? Einstein, not jago, Matheleka, after S.T. But she,

she's, she's been evolutionary. Although, although in my heart I, too, I think P.H.D. P.A. , P.H.A. So, P. So, far, okay.

Whalopon, I'mp. I'm, until now, said, nah. From the case, it's not. It's trauma.

That's people different, each, man. M. M. We have mutual friend, N.H.P. Oh, yeah.

Now, this, if we're gawbero, If I'm like I'ma'i-you-lawed-do, if I'ma-lawed, like, curious, how much, so, you're going to be a lot of, that's about, not only with institutions

that need toer-ulang-modal in 7-10-year-old, but be-collaboration with institutions or not-per-mend-ulang-modal, until 50-town. Yeah, sir, sir, sir, like, but pension fund. Pension fund, it's really, So that's about 50-term,

how much-term, mindset. Now, this is, sir, pa, because the data and it'stara still very new. One thing that's also, we need to learn to learn with absolute humility to people who are doing more than than we.

It's all the same, but, again, I'm being ableager from pension fund. I joined Iswift. Yep, we join, we join, this week. We're joined some institutions,

in the pension fund. In there, we're absorb information. And then from absorbing that information, how do we translate what can

work for us? Nanttia, t'n't through partnership. But, it's a mindset very new, because frankly

speaking, a lot of times, we look at business as five years. Five years, ten years, maximum ten years. At this, we're learning, how do we take from five to ten

year lenses into multi-decade lenses. Absolutely. And it's Perle-lajurement. Easy to say, but mindset, is kind of, sometimes,

dajureenia, right? And it's very difficult. But you're happily pointed out. Marathon. Yeah, paratone, not 10 years. 50-town. And it sends the right message. And many people are treasbuck

in the thinking. Yeah, developing economy, that, can, yeah, episodic stress stress-n't. Yeah, sir, yeah. If you're putter or did dadaural in the seven-town or 10-year-old,

sometimes can't can't let'set. But if it's like 20-a-old-old-gave-old. It's a lot of the destination that's clear, what we want to do is actually lower the voles, the volatility. If it's a luci-lut-lun the curve. Or, or this, high-alpha, low-vega. That's a bit, but we're not nerdy-nurdy-d-d-diket,

but we want to create that alpha, the excess return, the vega on the voles. Lowering that vols. This is, people who's like to play. I'm like this kind of greek alphabets. But that's the joke inside. How do we, high alpha, low, so higher sharp ratio over time? No, because of the basis of that, but this internal.

But I'm like, yeah, now, I've got to be communicates-alphabat, communicate-sharpacian-sharp ratio. Because it's, it, back return and volatility, that's a lot of sharing, view our better between between greenfield return and brownfield return, saham versus mine capital formation.

This is important, because at the end, we're doing, we're going to be able to next generation. They're also to know, what I'm going to back to basic, it's not fancy words. This is what's the ajarin in universities. I only amenerapkin what that's in practice.

So on sharp ratio just something that's something that's not new, it's been a lot more. I mean, per-dictaliening can return with VALS, volatility, how much more than it's about the way, and this, but it's better.

If you're never know. Over 10 years, 20 years, this is, this ispacat. Now, upaya, for to be collaboration with institutions that can't make

sikap 50 years. And if, And if there, kore-a-kir-kir-a-kirk-a-kloom for Indonesia. So, from us, pa, we, we're first, we're first, we're learning relationship. From there, how do we build partnership?

And partnership this is a Pemangunan mindset and governance from the Sisi Investment. So, we're seeing many sometimes investment that, I'm in front of digital infratu is a big parameter for us. from the sysm to end-to-end logistics business.

If you're actually end-to-end logistics, plus the applicability of technology across, like from the mainstream, nanty-downstream, from the same thing downstream from the downstream, from the same goes for all the eight key sectors that we're doing. This is all, the kinkeran we're one. How can we increase productivity per capita

through each of these investments? Now, why, why, term capital is needed? Because they have one thing that most of us in the private sector don't have, which is time and patience. One power, I'm like, the power that really helps you, is the power of compound return over time. If you never sell you... Yeah, can be lajaro, that's beener, pa.

That's current, it's Warren Buffett, man. It's Warren Buffett. It actually is true. The power of the price of book value, to share over time, that power of compound, will generate much greater wealth than you just do buy and selling every day. That's right, because there's cost friction. So, this takes time, if, if you're going to say, what I'm going to come upon, compound

that as we age, I realize, compound return is true. Yeah, right? That's true. So, yeah, myruth I'm learning from them, time and patience, it's been very important, man, communication, specifically, because in the other

something important, we're going to again, we communicate, and nanty again, how we invest. The how is also important, because it's needed,

so. So, I'm going introduce, to the stakeholder about how, how, how investsation in public market

versus private. Return versus volatility. Taddy jockees that I said, hi, high alpha, what's like, what's so-so, I'm going to introduce.

But it's important, I'm going to be. I'm going to be able to be able to learn what, but rather than watch book, Pat, rather than back TikTok. So, so, you know, book, or what, at least, belajure, that. So, this, I mean, I mean, I'm sure, I'm sorry, click, click,

the muda, mud to start, to make, make, back, and then, can't be critic, But but it's like book, if you can't make, it's fundamental if you're going to critic back.

This is a little bitrasy just asia-Tengara is publication. Cumulative, that's only 375,000. Wow, rendah, yeah? So,

the whole world is 140, so. So, this percentage is just 0.27%. For the population Asia-Tengara that's the

total of population It's very garis-bawahy, that we can't be derisive, we can't be derisies, we're not berneration, apalagi with literacy and numeracy. Now, this, you have been identified vividly, ostensibly, as one of the few storytellers

of Indonesia. Yeah, right? In allure the world, they're going to get-mue, they're going to get-mue, America. Pengen-dengen-dener-critain, Indonesia, how do we multiply this? This is the reason why Indonesia always called the world's best kept secret.

And we will remain the world's best cap secret. Because we don't write. We don't write. We don't talk. And sometimes people mistake in it for being humble or shy. But also sometimes we need to tell that story. Because, in my, we don't have to be shy about telling what has worked and share what has work and share what can we do better.

And the humility actually. comes from saying, this is what we're very good at, this is what we're not very good at, and we're willing to learn. So, this is important, pa, from the story to the world. And it's from some of the medium, can't be able to be able to be it, because this is the thing bicarant-separall. Because this is now more of the best medium to share about your thoughts.

Because this is safe, I think, you know, you know, you know, the the book, you know, what it takes, probably the first, I'm sure you will write again, knowing you. But this is, it's an expression to be able to translate the people, because, because we're trying to talk and our audience, not only people, to be honest, ma'am.

Our audience is the world. And this is also, pemmikyramed byrd, paradigm baru. So, because of Indonesia, because of Indonesia, because the world's the bachukkah is good because it's one of the very first who's here, South East Asia.

You're honest about your book, but hey, you know what? We need more stamp. But look at the potential. The upside potential. Yeah, this is we have to be open, but we know our strength. So, yeah, in my way must we have to take it. You actually highlight this.

This is one of our jobs to do. It's relevant to Danantara. And this is important, we're so relevant, in many things. But we're so shy about it. We don't tell stories about it. But now,

I'm going to give you want to invest in the purusant we want to try upstream, rare earth our energy our. Now we don't want to give that up easily. We have Danantara. I want to invest in you. Not just you want to invest.

in us, it has to go both ways. Malta, I'm nother just do you want. But why? Because a lot of the value creation, it's actually, actually, the downstream, because it's me need to createvitas, memelucan human rights, I want to capture that

and bring it to Indonesia. And this is important, because in the world today, especially the young people, they're all, have become global talent. When I say global talent, maybe you can they're okay.

people who are youka people who are you guys. There's, and now they're going to consider asia the U.S.A. Tengarang. If you can,

don't seem to to be a productive member. We're always Bucca too. And the narration Indonesia has to be, or

be a newtashy income, to be narasicqq. Equity. That's better like, too, because the deepening of capital market

is one thing very much a lot more than I've got to keep in the world of the market and same, we have to deepen capital market. So, so we're doing data, because many people are, oh, man, and they're not just

Danantara, how do we enough just Danantara, how can't make bank can't make sure, how much, this is the perlindongan the hook. People, if investasies, Sam, it's the same, better, yeah, process and

there, and there's not a conflict of interest. Because, because it happened. If it's why it happened. If it's, if there's, and jas, because of the fundamental you, it's just not just to beaulatting. But it will beaqan multiplier effect that's all right-bursed

and the kaiaiian that's not just for the gilder people, can't be able to be many. What happened in America, which is the deepest market in the world, that benefit is for everyone, including pensioners, all.

That, they're making kind of may beware in there. but, sometimes, sorry to say in America, majority, they now realize on their wealth

from the stock market than they do in their own productivity. This is also important, ma'am. Now, at we're compound interest. This is a

case too for our capital. So, I think really, passar model this for allangang people,

yeah, I want to do what's best, ma'am, to be the time. You've been kind with time.

What's the last? What? What can be able to public? For them, more than that they're not going to crowd out, the private sector. So, maybe can be able to look as

as a lot. Way to Energy that we've already we've declared. There will be 3,3 projects, we'll start with 7 projects We're from we're from partnering with best technology provider.

From there, we're saying, if we'll, minimum, we're 30%. We're 30%, not 100%, but if you want, you're able, we're more, we'll go just. What, what you're going to be. What, you know, globally, like. Global. Global. This is the single

largest, as far as far as consolidates the world. from the 2nd, we've got to 6thes 2nd. From 24, we'll be able to 7 Pomenang awal. Nanty, we'll move phase the 2. But this, ma'among, yeah, help doa again, because we try to solve

the problem lingungan, that we do commercial, beer people, people people who are people whou-usahsame and in a way, the safety net. And we want them to create return, but what we want to solve is, is a lot of the

because of the in Indonesia. So, with that, I think that's a lot of other than there's like a point of SK, we're just one of the shareholders, but we're just

from import plasma and so fully we can use it for Indonesia. Hal-hall-such-itut-itut-to-meot-crowding-in private sector. Morebiasa. Thank you so much. Thank you, B'amacasi, Bapa.

Thank you. So, that'shaharer, Ptingi from Dhanatara. Thank you.