Lecture Notes: Meeting with Indonesian National Entrepreneurs and Ray Dalio

Opening Remarks

• Greetings: Various salutations in different languages.
• Thanksgiving: Thanks to Almighty God for blessings such as health.
• Purpose: Informal meeting with Indonesian national entrepreneurs.

Introduction to Ray Dalio

• Background:
  • Entrepreneur, investor with decades of experience.
  • Extensive interaction with Sovereign Wealth Funds.
  • Experience in Asia and the Middle East.
• Connection to Indonesia:
  • Observed Indonesian development.
  • Provided input on economic matters.

Discussion Points

• Sovereign Wealth Fund in Indonesia:
  • Potential of the newly launched Investor Management Body "Nusantara Energy Fund."
  • Consolidation of economic strength through BUMN (State-Owned Enterprises).
  • Repair and improvement of assets for efficient operation.
• Invitation to Partners:
  • Seeking critical views and investment experience.
  • Emphasis on careful and efficient asset management.

Key Personalities Present

• Indonesian Economic Figures:
  • General Luhut Panjaitan (Chairman of National Economic Council).
  • Mrs. Sri Mulyani (Minister of Finance).
  • Mr. Bahleel Bahadalia (Minister of Energy and Minerals).
  • Business leaders from major Indonesian corporations (e.g., CT Corporation, Lipo Group, etc.).
• Government Officials:
  • Various ministers (e.g., Minister of Sea and Fisheries, Minister of State-Owned Enterprise).
  • President's advisors and cabinet members.

Ray Dalio's Address

• Experience: Global macro investor for over 50 years.
• Indonesia's Potential:
  • Parallels with China in 1984 and Singapore under Li Kuan Yew.
  • Assessing potential through a 'Health Index' for countries.
  • Highlights: Low debt level, capital formation capabilities.
• Challenges:
  • Bureaucratic obstacles, corruption, ease of business setup.
  • Importance of strong leadership for reform and energizing the economy.

Global Context

• Five Key Factors Changing World Order:
  1. Money and Debt Cycles: Impact on purchasing power and economies.
  2. Internal Conflicts: Populism and irreconcilable left-right differences.
  3. Geopolitical Tensions: Rising powers, shifting world order.
  4. Acts of Nature: Droughts, floods, pandemics affecting orders.
  5. Technological Advances: Impact of AI on various sectors.

Closing Remarks

• Dalio's Motivation:
  • Inspired by Indonesia's potential, not monetary gain.
  • Willing to contribute and help capitalize on opportunities.
• Call for Discussion: Encouragement to engage and explore possibilities.