Peluang USAha Ekowisata Cagar Alam/taman Wisata Alam Kawah Ijen Di Kawasan Taman Nasional Alas Purwo

(1)

7KH2SSRUWXQLW\RI(FRWXULVP%XVLQHVVDW.DZDK,MHQ1DWXUH3UHVHUYHDQG

1DWXUH&RQVHUYDWLRQ3DUNVLQ$ODV3XUZR1DWLRQDO3DUN

2OHK%\ (OYLGD<RVHIL6XU\DQGDUL $%675$&7 1DWXUHSUHVHUYHDQGQDWXUHFRQVHUYDWLRQSDUNVLQ$ODV3XUZRQDVLRQDOSDUNKDYHYDULRXVDJLWDWLRQDV ZHOODVLWVFKDUPVVRLWFDQEHGHYHORSLQWRWKHIRUPRIHFRWXULVPZLWKPDUNHUWDEOHQDWXUDOREMHFWVIRUGRPHVWLF DQG IRUHLJQ WRXULVW 6:27 DQDO\VLV LV GRQH LQ RUGHU WR DUUDQJH WKH VWUDWHJLHVW RI DQ HFRWXULVP EXVLQHVV RSSRUWXQLW\LQWKLVFRQVHUYDWLRQDUHD

,WQHHGVWRHQFRUDJHWKHFRRSHUDWLRQDPRQJWKHRUJDQL]HUQDVLRQDOSDUNUHJLRQDOJRYHUQPHQWDQG SULYDWHHQWUHSUHQHXUWRLQFUHDVHWKHRSSRUWXQLW\RIHFRWXULVPEXVLQHVV,QWKHRWKHUKDQGDQ\VSHVLILFUHJXODWLRQ LQ RUGHU WR VXSSRUW WKH HFRWXULVP EXVLQHVV GHYHORSPHQW VR LW FDQ EH FUHDWH WKH SRVLWLYH HTXLW\ DPRQJ FRPPHUFLDOSXUSRVHRIEXVLQHVVJRRGVHQYLURQPHQWDQGHFRQRPLFYDOXHIRUORFDOSHRSOH

.H\ZRUGV(FRWXULVPEXVLQHVV&$7:$.DZDK,MHQ6:27DQDO\VLVVSHVLILFUHJXODWLRQ

$%675$.

&DJDU$ODP7DPDQ:LVDWD$ODP.DZDK,MHQGL7DPDQ1DVLRQDO$ODV3XUZRPHPLOLNLNHND\DDQGDQ GD\D WDULN \DQJ EHUDQHNDUDJDP VHKLQJJD GDSDW GLMDGLNDQ PRGDO EHVDU GDODP SHQJHPEDQJDQ HNRZLVDWD GHQJDQ RE\HN \DQJ GDSDW GLSDVDUNDQ NHSDGD NRQVXPHQ EDLN GDODP PDXSXQ OXDU QHJHUL$QDOLVD 6:27 GLODNVDQDNDQXQWXNPHQ\XVXQVWUDWHJLSHOXDQJXVDKDHNRZLVDWDGLNDZDVDQNRQVHUYDVLLQL

0HPEDQJXQNHUMDVDPDDQWDUDSHQJHORODWDPDQQDVLRQDOSHPHULQWDKGDHUDKGDQSHQJXVDKDVZDVWD VDQJDWGLSHUOXNDQGDODPPHQLQJNDWNDQSHOXDQJXVDKDHNRZLVDWD'LVDPSLQJLWXDGDQ\DNHELMDNDQNKXVXV GLKDUDSNDQ GDSDW PHQGXNXQJ XVDKD HNRZLVDWD VHKLQJJD PHQFLSWDNDQ NHVHLPEDQJDQ \DQJ SRVLWLI DQWDUD WXMXDQNRPHUVLDOXVDKDOLQJNXQJDQ\DQJEDLNGDQSHQLQJNDWDQQLODLHNRQRPLEDJLPDV\DUDNDWORNDO

.DWDNXQFL8VDKDHNRZLVDWD&$7:$.DZDK,MHQDQDOLVD6:27NHELMDNDQNKXVXV

,3(1'$+8/8$1

3DGD VDDW LQL SDULZLVDWD PHUXSDNDQ VHNWRU \DQJ GLKDUDSNDQ GDSDW GLDQGDONDQ GDODP SHPEDQJXQDQHNRQRPL,QGRQHVLDGHQJDQSRWHQVLNHDQHNDUDJDPDQVXPEHUGD\DDODPKD\DWL\DQJ VDQJDWWLQJJLGDSDWPHQXQMDQJNHJLDWDQSDULZLVDWD 'DODPKDOLQLSHPHULQWDKSHUOXPHQGRURQJ XSD\DSHQJHPEDQJDQLQGXVWULSDULZLVDWDLQLGHQJDQFDUDPHQJRSWLPDONDQSHQJHPEDQJDQXVDKD GDODPELGDQJHNRZLVDWD 6WDISHQHOLWL3XVDW/LWEDQJ6RVLDO(NRQRPLGDQ.HELMDNDQ.HKXWDQDQ%RJRU

(2)

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

8QWXNPHZXMXGNDQKDOWHUVHEXWGLDWDVVDODKVDWXXVDKD\DQJSHUOXGLEXDWDGDODKGHQJDQ PHQLQJNDWNDQ KXEXQJDQ GHQJDQ LQGXVWUL SDULZLVDWD VHKLQJJD PDV\DUDNDW PHQGDSDW PDQIDDW GDODP KDO ODSDQJDQ SHNHUMDDQ 6HODQMXWQ\D DGDODK PHQLQJNDWNDQ KXEXQJDQ GHQJDQ LQGXVWUL WUDQVSRUWDVL VHWHPSDW PHPSHUEDLNL KXEXQJDQ SHUWDQLDQ VHUWD PHPSHUEDLNL KXEXQJDQ GHQJDQ VHNWRUSHPEDQJXQDQGDQSHPHOLKDUDDQ6DQWRVR

.DZDK ,MHQ GLWHWDSNDQ VHVXDL 6. *RXYHUQHXU *HQHUDO -KU-3 *UDII 9DQ /LPEXUJ 6WLUXP 1RPRU6WE1RWDQJJDO2NWREHUVHEDJDLFDJDUDODPVHOXDVKD 6HODQMXWQ\DVHEDJLDQ&DJDU$ODP.DZDK,MHQVHOXDVKDGLWHWDSNDQVHEDJDL7DPDQ:LVDWD$ODP .DZDK,MHQVHVXDL6XUDW.HSXWXVDQ0HQWHUL3HUWDQLDQ1R.SWV8PO

6DDWLQLSHQJHORODDQ&$7:$.DZDK,MHQGLEDZDK%DODL7DPDQ1DVLRQDO$ODV3XUZRVHSHUWL WHUVHEXWGDODP6XUDW.HSXWXVDQ0HQWHUL.HKXWDQDQ1R.SWV,,WDQJJDO-XQL %DODL 7DPDQ 1DVLRQDO$ODV 3XUZR PHQJHOROD NDZDVDQ WDPDQ QDVLRQDO$ODV 3XUZR GDQ &DJDU $ODP7DPDQ:LVDWD$ODP.DZDK,MHQ\DQJWHUGLULGDUL6HNVL.RQVHUYDVL:LOD\DK6.:\DLWX6.: 5RZREHQGR6.:,,0XQFDUGDQ6.:,,,.DZDK,MHQ$QRQLP

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

(3)

GLODNXNDQROHKSLKDNSHQJHOROD\DLWX7DPDQ1DVLRQDOPDV\DUDNDWPDXSXQVWDNHKROGHUODLQ\DQJ WHUNDLW

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

(4)

$QDOLVDGDWD\DQJGLJXQDNDQGDODPWXOLVDQLQLDGDODKDQDOLVD6:27$QDOLVDLQLGLGDVDUNDQ SDGDORJLND\DQJGDSDWPHPDNVLPDONDQNHNXDWDQVWUHQJWKGDQ3HOXDQJRSSRUWXQLWLHVQDPXQ VHFDUDEHUVDPDDQGDSDWPHPLQLPDONDQNHOHPDKDQZHDNQHVVHVGDQDQFDPDQWKUHDWK'LDJUDP DQDOLVLV6:27GDSDWGLOLKDWSDGD*DPEDUGLEDZDKLQL _3HOXDQJ $QFDPDQ .HOHPDKDQ ,QWHUQDO .HNXDWDQ ,QWHUQDO 0HQGXNXQJVWUDWHJL ³3HPDQIDDWDQ3HOXDQJ´ 0HQGXNXQJVWUDWHJL ³$JUHVLI´ UQ$URXQG 0HQGXNXQJVWUDWHJL ³%HUWDKDQ´ 0HQGXNXQJVWUDWHJL ³'LYHUVLILNDVL´ *DPEDU'LDJUDP$QDOLVLV6:27 )LJXUH'LDJUDPRI6:27$QDO\VLV .HWHUDQJDQJDPEDU .XDGUDQ,QLPHUXSDNDQVLWXDVL\DQJPHQJXQWXQJNDQ3HUXVDKDDQWHUVHEXWPHPLOLNLSHOXDQJ GDQNHNXDWDQVHKLQJJDGDSDWPHPDQIDDWNDQSHOXDQJ\DQJDGD6WUDWHJL\DQJKDUXV GLWHUDSNDQGDODPNRQGLVLLQLDGDODKPHQGXNXQJNHELMDNDQSHUWXPEXKDQ\DQJDJUHVLI .XDGUDQ:DODXSXQPHQJKDGDSLEHUEDJDLDQFDPDQSHUXVDKDDQLQLPDVLKPHPLOLNLNHNXDWDQ

LQWHUQDO 6WUDWHJL \DQJ KDUXV GLWHUDSNDQ DGDODK PHQJJXQNDQ NHNXDWDQ XQWXN PHPDQIDDWNDQSHOXDQJMDQJNDSDQMDQJGHQJDQFDUDGLYHUVLILNDVL

.XDGUDQ3HOXDQJ PHQJKDGDSL SHOXDQJ SDVDU \DQJ EHVDU WHWDSL GLODLQ SLKDN PHQJDKGDSL EHEHUDSD NHOHPDKDQ LQWHUQDO 6WUDWHJLQ\D DGDODK PHPLQLPDONDQ PDVDODK LQWHUQDO VHKLQJJDGDSDWPHUHEXWSHOXDQJSDVDU\DQJOHELKEDLN

.XDGUDQ6LWXDVL\DQJVDQJDWWLGDNPHQJXQWXQJNDQSHUXVDKDDQWHUVHEXWPHQJKDGDSLEHUEDJDL DQFDPDQGDQNHOHPDKDQLQWHUQDO

0HQXUXW 5DQJNXWL DQDOLVD 6:27 PHQJKDVLONDQ HPSDW NHPXQJNLQDQ VWUDWHJL DOWHUQDWLI \DLWX VWUDWHJL 62 6WUHQJWK2SSRUWXQLWLHV VWUDWHJL :2 :HDNQHHV2SSRUWXQLWLHV VWUDWHJL676WUHQJWK7UHDWKGDQVWUDWHJL:7:HDNQHVV7UHDWK$GDSXQPDWULNDOWHUQDWLIVWUDWHJL WHUVHEXWGDSDWGLOLKDWSDGDWDEHOGLEDZDKLQL

(5)

7DEHO0DWULNV6:27 7DEOH6:270DWUL[ 6WUHQJWK 7HQWXNDQ±IDNWRUNHNXDWDQ :HDNQHVVHV 7HQWXNDQ±IDNWRUNHOHPDKDQ 2SSRUWXQLWLHV 7HQWXNDQ± IDNWRUSHOXDQJ 6WUDWHJL62 &LSWDNDQVWUDWHJL\DQJ PHQJJXQDNDQNHNXDWDQXQWXN PHPDQIDDWNDQSHOXDQJ 6WUDWHJL:2 &LSWDNDQVWUDWHJL\DQJ PHPLPLPDONDQNHOHPDKDQXQWXN PHPDQIDDWNDQSHOXDQJ 7UHDWK 7HQWXNDQ± IDNWRUDQFDPDQ 6WUDWHJL67 &LSWDODQVWUDWHJL\DQJ PHQJJXQDNDQNHNXDWDQXQWXN PHQJDWDVLDQFDPDQ 6WUDWHJL:7 &LSWDNDQVWUDWHJL\DQJ PHPLPLPDONDQNHOHPDKDQGDQ PHQJKLQGDULDQFDPDQ ,,,0(72'2/2*, 'DWD\DQJGLNXPSXONDQEHUXSDGDWDSULPHU\DLWXZDZDQFDUDGHQJDQSHQJHOROD7DPDQ 1DVLRQDOGDQGDWDVHNXQGHUEHUXSDNHDGDDQXPXP7DPDQ1DVLRQDOSRWHQVLIORUDGDQIDXQD MXPODKSHQJXQMXQJVDUDQDSUDVDUDQDDNVHVLELOLWDVGDQODLQODLQ

$QDOLVD GDWD \DQJ GLJXQDNDQ DGDODK DQDOLVD 6:27$QDOLVLV LQL PHPEDQGLQJNDQ DQWDUD IDNWRUHNVWHUQDOSHOXDQJGDQDQFDPDQGHQJDQIDNWRULQWHUQDONHNXDWDQGDQNHOHPDKDQ <DQJ VHODQMXWQ\DGLJXQDNDQXQWXNPHQ\XVXQVWUDWHJLSHOXDQJXVDKDHNRZLVDWDGLNDZDVDQLQL

,9+$6,/'$13(0%$+$6$1

*XQXQJ ,MHQ PHUXSDNDQ VDODK VDWX GDHUDK WXMXDQ ZLVDWD GL -DZD 7LPXU \DQJ VHFDUD DGPLQLVWUDWLIWHUOHWDNGLNDEXSDWHQ%DQ\XZDQJLNDEXSDWHQ6LWXERQGRGDQNDEXSDWHQ%RQGRZRVR 'L3XQFDN*XQXQJ,MHQWHUGDSDWGDQDXNDZDKGHQJDQDLUQ\D\DQJEHUZDUQDKLMDXWRVNDGDQ EHUS+VDQJDWDVDP'LVHEHODKWHQJJDUDGDQDXWHUGDSDWODSDQJDQ\DQJGLQDPDNDQ³6ROIDWDUD´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

(6)

3DGDNDZDVDQ&$7:$.DZDK,MHQSRWHQVLVXPEHUGD\DZLVDWDQ\DWHUOHWDNSDGDNHLQGDKDQ .DZDK,MHQVHQGLULNHXQLNDQIORUDGDQIDXQDEHVHUWDHNRVLVWHPQ\D

D .HLQGDKDQSDQRUDPD.DZDK,MHQ

&DJDU$ODP7DPDQ:LVDWD$ODP.DZDK,MHQVHOXDVKD\DQJWHUGLULGDULKD&$ GDQ KD 7:$ \DQJ WHUOHWDN GL GDHUDK SHUEDWDVDQ NDEXSDWHQ %D\XZDQJL NDEXSDWHQ

R

6LWXERQGRGDQNDEXSDWHQ%RQGRZRVR-DZD7LPXU 3RVLVLJHRJUDILQ\DWHUOHWDN ´

R

EXMXU WLPXU GDQ SDGD ´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

F 3RWHQVLIDXQD

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

6DUDQDGDQSUDVDUDQD

6DUDQDGDQSUDVDQD\DQJWHUVHGLDGLNDZDVDQ&$7:$.DZDK,MHQEHUXSDVDUDQDMDODQ DVSDO GDQ VDUDQD WUDQVSRUWDVL XPXP KLQJJD GDHUDK 3DOWXGLQJ GDQ SHQJLQDSDQ GL SDOWXGLQJ GL WHPSDWLQLGDSDWGLOLKDWSHPDQGDQJDQLQGDK*XQXQJ,MHQ*XQXQJ0HUDSL*XQXQJ:LGRGDUHQ *XQXQJ 3DSDN GDQ *XQXQJ 5DQWL 'DHUDK 3DOWXGLQJ PHUXSDNDQ SHUEDWDVDQ NDEXSDWHQ

(7)

%DQ\XZDQJLGDQNDEXSDWHQ%RQGRZRVRVHUWDPHUXSDNDQWHPSDWWHUDNKLU\DQJGDSDWGLODOXLROHK NHQGDUDDQEDLNNHQGDUDDQURGDGXDPDXSXQURGDHPSDW8QWXNPHQFDSDL.DZDK,MHQGDSDW PHODOXLMDODQVHWDSDNVHSDQMDQJWLJDNP %HOXPWHUGDSDWVDUDQDODLQVHSHUWLWHOHNRPXQLNDVL PDXSXQNLRVVRXYHQLU\DQJPHQMXDOSHUQDNSHUQLN\DQJNKDV $NVHVLELOLWDV

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

.HSXWXVDQ 0HQWHUL 1RPRU .SWV,, WHQWDQJ 3HPELQDDQ GDQ 3HQJDZDVDQ 3HQJXVDKDDQ3DULZLVDWD$ODP E 6ZDVWD 3LKDNVZDVWD\DQJPHODNXNDQNHJLDWDQXVDKDGLNDZDVDQ.DZDK,MHQDGDODK37 &DQGL1JULPEL\DQJEHUJHUDNGLELGDQJSHQ\XEOLPDQEHOHUDQJ8VDKD3HQJLQDSDQGL 3DOWXGLQJ\DLWXJXHVWKRXVH3DOWXGLQJ3731;,,\DQJPHPLOLNLSHUNHEXQDQNRSLGDQ PHPLOLNL$FDUDELFD+RPHVWD\GL-DPSLWGDQ370XWLDUD%ODPEDQJDQ3HUPDL

(8)

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

(9)

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

E .HOHPDKDQ :HDNQHVVHV \DLWX IDNWRUIDNWRU \DQJ GLDQJJDS VHEDJL NHOHPDKDQ GDUL SHOXDQJXVDKDGLNDZVDQ&$7:$.DZDK,MHQ

.XUDQJQ\D SURPRVL GDQ LQIRUPDVL WHUKDGDS SHQJXVDKD PDXSXQ PDV\DUDNDW OXDV WHQWDQJRE\HNGDQGD\DWDULNZLVDWD&$7:$.DZDK,MHQ .XUDQJQ\DWHQDJDSURIHVVLRQDOGDQSHQJXVDKD\DQJPHQJHORODNDZDVDQ&$7:$ .DZDK,MHQ 0LQLPQ\DSDNHWZLVDWD\DQJGLWDZDUNDQ $NVHVLELOLWDVUHODWLIVXOLWXQWXNPDVXNNHGDODPNDZDVDQ.DZDK,MHQKDQ\DWHUMDQJNDX ROHKNHQGDUDDQEHUPRWRUKLQJJD3DOWXGLQJWLJDNPGDULORNDVL

%HOXP DGDQ\D NLRV VRXYHQLU \DQJ PHQMXDO SHUQDN SHUQLN \DQJ PHQMDGL FLUL NKDV &$7:$ .DZDK ,MHQ GDQ PHUXSDNDQ SURGXNVL LQGXVWUL UXPDK WDQJJD PDV\DUDNDW VHWHPSDW

)DNWRUHNVWHUQDONDZDVDQ&$7:$.DZDK,MHQ

D 3HOXDQJ2SSRUWXQLWLHV\DLWXIDNWRU\DQJGLDQJJDSSHOXDQJXVDKDGLNDZDVDQ&$7:$ .DZDK,MHQ

/RNDVL \DQJ PXGDK GLMDQJNDX EDKNDQ GDUL WLJD NDEXSDWHQ \DLWX NDEXSDWHQ %DQ\XZDQJLNDEXSDWHQ6LWXERQGRGDQNDEXSDWHQ%RQGRZRVR

'LQDVSDULZLVDWDGDQ3(0'$VHWHPSDWPXODLPHPSHUKDWLNDQNHEHUDGDDQNDZDVDQ &$7:$ .DZDK ,MHQ GHQJDQ DGDQ\D UHQFDQD SHUEDLNDQ VDUDQD GDQ LQIUDNWUXNWXU PHQXMXNDZDVDQ

.HFHQGHUXQJDQVHOHUDNRQVXPHQVDDWLQL\DQJPHQ\XNDLWDQWDQJDQDODPVHSHUWL PHQGDNLJXQXQJPHUXSDNDQSHOXDQJXQWXNSHQLQJNDWDQMXPODKSHQJXQMXQJ .HPDMXDQ WHNQRORJL GHQJDQ DGDQ\D LQWHUQHW PHPXQJNLQNDQ XQWXN PHQ\DMLNDQ

ZHEVLWHPHQJHQDL&$7:$.DZDK,MHQ\DQJGLNHPDVGHQJDQPHQDULNEDLNGDODP EDKDVD ,QGRQHVLD PDXSXQ EDKDVD ,QJJULV GDQ GLKDUDSNDQ GDSDW PHQLQJNDWNDQ PLQDWZLVDWDZDQ

(10)

'HQJDQ DGDQ\D XVDKD SDULZLVDWD GL NDZDVDQ LQL GLKDUDSNDQ GDSDW PHPEHULNDQ PDQIDDWNHSDGDPDV\DUDNDWVHNLWDUGDODPKDOSHOXDQJPHQGDSDWSHNHUMDDQ $NDQ EHURSHUDVLQ\D EDQGDUD SHQ\DQJJD GL GDHUDK %OLPELQJVDUL NDEXSDWHQ

%DQ\XZDQJLVHKLQJJDPHPXGDKNDQZLVDWDZDQORNDOPDXSXQPDQFDQHJDUDXQWXN GDWDQJ 'LXVXONDQQ\D&$7:$.DZDK,MHQXQWXNPHQMDGLWDPDQQDVLRQDO\DQJWHUSLVDKGDUL 71$ODV3XUZRVHKLQJJDPHPXQJNLQNDQGDSDWPHQJHORODNDZDVDQPHQMDGLOHELK EDLN E $QFDPDQ7UHDWK\DLWXIDNWRU\DQJGLDQJJDSVHEDJDLDQFDPDQGDULNHJLDWDQXVDKDGL NDZDVDQ&$7:$.DZDK,MHQ 6LWXDVLSROLWLNGDQNHDPDQDQNKXVXVQ\DERP%DOLERP.XQLQJDQGOO\DQJWXUXWDQGLO PHQJXUDQJLMXPODKNXQMXQJDQNKXVXVQ\DPDQFDQHJDUD

6LWXDVL SHUHNRQRPLDQ GL ,QGRQHVLD \DQJ KLQJJD VDDW LQL WLGDN VWDELO VHMDN NULVLV HNRQRPL $QFDPDQEHQFDQDDODPVHSHUWLWVXQDPLWDQDKORQJVRUGDQEDQMLUWXUXWPHQJXUDQJL MXPODKNXQMXQJDQZLVDWDZDQ :LVDWDZDQ\DQJPHQJXQMXQJLNDZDVDQLQLEXNDQWLGDNPXQJNLQPHPEDZDEXGD\D \DQJEXUXNVHSHUWLFRUDWFRUHWEXDQJVDPSDKVHPEDUDQJDQ\DQJSDGDDNKLUQ\D GDSDWPHUXVDNRE\HNZLVDWDDODP

$GDQ\D SHQDPEDQJDQ EHOHUDQJ GLNXDWLUNDQ GDSDW PHQJXUDQJL GD\D GXNXQJ OLQJNXQJDQGL&$7:$.DZDK,MHQ

'$OWHUQDWLI6WUDWHJL

+DVLO DQDOLVD 6:27 LQL PHQJKDVLONDQ HPSDW NHPXQJNLQDQ VWUDWHJL DOWHUQDWLI \DLWX VWUDWHJL626WUHQJWKDQG2SSRUWXQLWLHVVWUDWHJL:2:HDNQHVHVVDQG2SSRUWXQLWLHVVWUDWHJL67 6WUHQJWKDQG7UHDWKGDQVWUDWHJL:7:HDNQHVHVVDQG7UHDWK$OWHUQDWLIVWUDWHJLWHUVHEXWGDSDW GLMHODVNDQSDGDSHUQ\DWDDQEHULNXWLQL

6WUDWHJL 62 6WUHQJWK DQG 2SSRUWXQLWLHV VWUDWHJL \DQJ PHQJRSWLPDONDQ NHNXDWDQ XQWXN PHPDQIDDWNDQSHOXDQJ

D 0HQDULNPLQDWZLVDWDZDQGRPHVWLNGDQDVLQJGHQJDQPHQDZDUNDQRE\HNGDQGD\DWDULN ZLVDWDVHSHUWLIORUDIDXQDEHQWDQJDODPGDQUHOLHIGLQGLQJNDZDKLMHQ

E 3LKDN SHQJHOROD 7DPDQ 1DVLRQDO EHNHUMD VDPD GHQJDQ VZDVWD 3(0'$ VHWHPSDW PDXSXQ%801VHSHUWL3731;,,XQWXNPHQJHOROD&$7:$.DZDK,MHQ F 3LKDNSHQJHORODSHUOXPHQJHPEDQJNDQRE\HNZLVDWD\DQJEDUXVHSHUWLJXQXQJ0HUDSL GDPGDQVXQJDL%DQ\XSDLWXQWXNPHQDULNPLQDWZLVDWDZDQ G 3HUOXQ\DNHLNXWVHUWDDDQPDV\DUDNDWVHNLWDUGDODPNHJLDWDQSDULZLVDWDGDODPKDOVHQL GDQEXGD\DVHSHUWLPHQJJHODUSHUWXQMXNDQVHQLWDULGDHUDKVHWHPSDW H 0HODNXNDQSURPRVLVHFDUDLQWHQVLIGDQWHUXVPHQHUXVEDLNPHODOXLPHGLDPDVDWHOHYLVL EDKNDQPHODOXLLQWHUQHW

6WUDWHJL:2:HDNQHVHVVDQG2SSRUWXQLWLHVVWUDWHJL\DQJPHQJRSWLPDONDQNHNXDWDQXQWXN PHQJDWDVLDQFDPDQ

(11)

&$7:$.DZDK,MHQDNDQWHWDSLMXJDPHOLSXWLZLVDWDSHQGDNLDQJXQXQJ0HUDSLKLQJJD PHQLNPDWLVHJDUQ\DDLUVXQJDL%DQ\XSDLW E 0HPEXDW SDNHW ZLVDWD GHQJDQ DJURZLVDWD PHPHWLN NRSL PHQJLQJDW NDZDVDQ \DQJ ORNDVLQ\DEHUGHNDWDQGHQJDQSHUNHEXQDQNRSLPLOLN3731;,, F 0HODNXNDQSHPELQDDQGDQSHQJDZDVDQWHUKDGDSSHQJXVDKDHNRZLVDWDROHKWHQDJD WHQDJDSURIHVVLRQDOGDULSHWXJDV7DPDQ1DVLRQDO'LQDV3DULZLVDWD3HPGD G 0DV\DUDNDWWXUXWDNWLIGDODPSHQJHPEDQJDQSHPEXDWDQLQGXVWULUXPDKWDQJJDVHSHUWL SHUQDNSHUQLNVRXYHQLU\DQJPHPLOLNLFLULNKDVNDZDVDQ

6WUDWHJL676WUHQJWKDQG7UHDWKVWUDWHJL\DQJPHQJRSWLPDONDQNHNXDWDQXQWXNPHQJDWDVL DQFDPDQ D 3HQJHOROD71DODV3XUZRKDUXVPHODNXNDQSHQJDZDVDQGDQEHUWLQGDNWHJDVWHUKDGDS SHQJXVDKDDJDUWLGDNPHUDPEDKNHGDODP]RQDODLQVHODLQ]RQDSHPDQIDDWDQ E 3HQJHOROD71$ODV3XUZRMXJDPHPEHULNDQUDPEXUDPEXGDODPPHQJXQMXQJLNDZDVDQ NHSDGDZLVDWDZDQVHKLQJJDWLGDNPHODNXNDQNHJLDWDQ\DQJEHUGDPSDNEXUXNNHSDGD OLQJNXQJDQ

6WUDWHJL:7:HDNQHVHVVDQG7UHDWK\DLWXVWUDWHJL\DQJPHQJRSWLPDONDQNHNXDWDQ

D 0HPEDQJXQNHUMDVDPDDQWDUDSLKDN71$ODV3XUZR3HPGD'LQDV3DULZLVDWD%801 VHUWDSLKDNODLQ\DQJWHUNDLWXQWXNPHQJHPEDOLNDQFLWUDSDULZLVDWDNKXVXVQ\DHNRZLVDWD VHUWD PH\DNLQNDQ ZLVDWDZDQ EDKZD VLWXDVL SROLWLN HNRQRPL GDQ NHDPDQDQ WLGDN EHUSHQJDUXKWHUKDGDSNDZDVDQ&$7:$.DZDK,MHQ

E 0HPEHULNDQSHPELQDDQWHUKDGDSSHQJXVDKDPDXSXQPDV\DUDNDWSHQDPEDQJEHOHUDQJ XQWXNWLGDNPHUXVDNNDZDVDQ&$7:$.DZDK,MHQ

8QWXN OHELK MHODVQ\D IDNWRUIDNWRU HNVWHUQDO GDQ LQWHUQDO \DQJ EHUSHQJDUXK WHUKDGDS NDZDVDQZLVDWD&$7:$.DZDK,MHQVHUWDDOWHUQDWLHIVWUDWHJLSHQJHPEDQJDQQ\DGDSDWGLOLKDWSDGD 7DEHOEHULNXWLQL

(12)

7DEHO0DWULN6:273HOXDQJ8VDKD(NRZLVDWD&$7:$.DZDK,MHQ 7DEOH6:270DWUL[RI%XVLQHVV(FRWXULVP2SSRUWXQLW\DW&$7:$.DZDK,MHQ 6WUHQJWKV 'LNHORODSHPHULQWDKGDQ VZDVWD )ORUDGDQIDXQD .HLQGDKDQGLQGLQJ.DZDK,MHQ %XGD\DVHWHPSDWPHQRQMRO %LD\DPXUDK 2E\HNZLVDWD*XQXQJ0HUDSL 6XQJDL%DQ\XSDWLEHOXP GLNHPEDQJNDQ :HDNQHVVHV 3URPRVLNXUDQJDNWLI 6'0SURIHVVLRQDONXUDQJ 3DNHWZLVDWDPLQLP $NVHVLELOLWDVUHQGDK %HOXPDGDNLRVVRXYHQLU\DQJ NKDV 2SSRUWXQLWLHV /RNDVLSDGDNDEXSDWHQ 3HUKDWLDQGDUL'LQDV 3DULZLVDWDGDQ3HPGD 6HOHUD.RQVXPHQOHELK PHQ\XNDLWDQWDQJDQDODP .HPDMXDQWHNQRORJL LQWHUQHW 0DQIDDWXQWXNPDV\DUDNDW ORNDO %DQGDUDXGDUDGL .DEXSDWHQ%DQ\XZDQJL 8VXO&$7:$PHQMDGL 7DPDQ1DVLRQDO 6WUHQJWKV2SRUWXQLWLHV 0HQDZDUNDQNHLQGDKDQ EHQWDQJDODPVHUWDIORUDGDQ IDXQD .HUMDVDPDDQWDUD7DPDQ 1DVLRQDO3HPGD'LQDV 3DULZLVDWD%801VZDVWD 3HQJHPEDQJDQ*XQXQJ 0HUDSLGDQ6XQJDL%DQ\XSDLW VHEDJDLRE\HNZLVDWD 3HQLQJNDWDQSDUWLVLSDVL PDV\DUDNDW 3URPRVLVHFDUDLQWHQVLI :HDNQHV2SSRUWXQLWLHV 0HPEXDWSDNHWZLVDWD\DQJ PHQDULN $JURZLVDWDPHPHWLNNRSLGL 3731;,, 3HPELQDDQGDQSHQJDZDVDQ NHSDGDSHQJXVDKDHNRZLVDWD 3HQJHPEDQJDQPDV\DUDNDW GDODPLQGXVWULUXPDKWDQJJD ³VRXYHQLU´ 7UHDWK 6LWXDVLSROLWLNGDQ NHDPDQDQ .ULVLVHNRQRPLVHMDNWDKXQ $QFDPDQEHQFDQDDODP %XGD\DEXUXNZLVDWDZDQ 3HQDPEDQJDQEHOHUDQJGL NDZDVDQ 6WUHQJWKV7UHDWK 3LKDN7DPDQ1DVLRQDO PHQJDZDVLGDQPHQLQGDN WHJDVSHQJXVDKD\DQJ PHODQJJDU]RQD\DQJ GLWHQWXNDQ 3LKDN7DPDQ1DVLRQDOO PHQHJDNNDQDWXUDQNHSDGD ZLVDWDZDQXQWXNWLGDN PHUXVDNOLQJNXQJDQ 0HQMDOLQNHUMDVDPDSLKDN WHUNDLWXQWXNPHQJHPEDOLNDQ FLWUDHNRZLVDWD 0HPEHULNDQSHPELQDDQ NHSDGDSHQJXVDKDPDXSXQ PDV\DUDNDW :HDNQHVVHV7UHDWK

,QWHUQDO (NVWHUQDO

(13)

(3HOXDQJ8VDKDGDQ6WUDWHJL.HELMDNDQ\DQJ0HQGXNXQJ.HEHUKDVLODQ8VDKD(NRZLVDWD GL.DZDVDQ&$7:$.DZDK,MHQ $QDOLVD6:27\DQJGLODNXNDQPHQJKDVLONDQDOWHUQDWLIVWUDWHJL\DQJVHODQMXWQ\DSHOXDQJ XVDKD\DQJGDSDWGLNHPEDQJNDQGLNDZDVDQ&$7:$.DZDK,MHQGDSDWGLMHODVNDQEHULNXWLQL 3HQWLQJQ\DPHPEDQJXQXVDKDSHQJLQDSDQEHVHUWDIDVLOLWDV\DQJOHQJNDSGHQJDQWDUJHWSDVDU EDLNGRPHVWLNPDXSXQDVLQJ

7LGDN DGDQ\D VDUDQD WUDQVSRUWDVL GDUL 3DOWXGLQJ PHQXMX NDZDVDQ &$7:$ .DZDK ,MHQ PHQGRURQJDGDQ\DXVDKDSHUVHZDDQNXGDPDXSXQVHSHGDJXQXQJ

3HQJDGDDQ NLRVVRXYHQLUFLQGHUDPDWD PDXSXQ SHUQDN SHUQLN FLUL NKDV .DZDK ,MHQ VHSHUWL NDRVV\DOVFDUIPDXSXQSHUQDNSHUQLNKLDVDQXQWXNPDV\DUDNDWORFDO

0HPEXDWSDNHWZLVDWD\DQJPHQDULNGDULZLVDWDGLSXODX%DOL.DZDK,MHQ*XQXQJ0HUDSL 6XQJDL%DQ\XSDLWVHUWDDJURZLVDWDGLNHEXQNRSL3731;,,

0HPEXDW UXPDK PDNDQUHVWDXUDQ \DQJ PHQDZDUNDQ KLGDQJDQ FLUL NKDV EXGD\D VHWHPSDW PDXSXQKLGDQJDQXQWXNWDUJHWSDVDUPDQFDQHJDUD

.HPDMXDQ XVDKD HNRZLVDWD WHUVHEXW WLGDN GDSDW WHUOHSDV GDUL NHUMDVDPD DQWDUD SLKDN SHPHULQWDK3HPGDGLQDVSDULZLVDWD%801VZDVWDGDQSLKDNODLQ\DQJWHUNDLWVHUWDDWXUDQDWDX NHELMDNDQ SHPHULQWDK \DQJ PHQGXNXQJ$ODW SHPHULQWDK XQWXN PHQFDSDL WXMXDQ SHPEDQJXQDQ WHUWHQWXVHSHUWLXVDKDHNRZLVDWDGLNDZDVDQ&$7:$.DZDK,MHQDGDODKNHELMDNDQ.HELMDNDQGDSDW GLWXUXQNDQ GDODP EHQWXN VWUDWHJL UHQFDQD SHUDWXUDQ NHVHSDNDWDQ NRGH HWLN PDXSXQ VXDWX SURJUDP

6WUDWHJL NHELMDNDQ \DQJ PHQGXNXQJ NHEHUKDVLODQ XVDKD HNRZLVDWD GL NDZDVDQ &$7:$ .DZDK,MHQ\DLWXSHUOXDGDQ\DNHELMDNDQNKXVXVDWDXNHELMDNDQRSHUDVLRQDOVHEDJDLSHQMDEDUDQ NHELMDNDQ XPXP \DQJ WHODK GLEXDW 8QGDQJXQGDQJ GDQ 3HUDWXUDQ 3HPHULQWDK 6HKLQJJD NHELMDNDQNKXVXVLQLGDSDWPHQJDNRPRGDVLNHSHQWLQJDQSLKDNSLKDN\DQJVHKDUXVQ\DPHQJDPELO EDJLDQGDODPXVDKDSHQJHPEDQJDQHNRZLVDWDEDLN3HPHULQWDK'DHUDK3URSLQVLDWDX.DEXSDWHQ VHWHPSDWVZDVWDSHQJXVDKDNHFLOPHQHQJDKGDQEHVDUGDQPDV\DUDNDW

5HNRPHQGDVLNHELMDNDQSHQJXVDKDDQHNRZLVDWDXQWXNSHPHULQWDKSXVDWPHOLSXWL 8VXODQ&$7:$.DZDK,MHQVHEDJDL7DPDQ1DVLRQDOWHUVHQGLUL&$NDZDK,MHQPHUXSDNDQ]RQD

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

6HGDQJNDQ UHNRPHQGDVL NHELMDNDQ XQWXN 3HPHULQWDK 'DHUDK GLKDUDSNDQ PHQJDUDK NHSDGD

.HELMDNDQSHQJHPEDQJDQZLOD\DKGDHUDKVHWHPSDWVHUWDSHPEDQJXQDQGDQSHUEDLNDQVDUDQD SUDVDUDQD\DQJGDSDWPHQXQMDQJSHQJXVDKDDQHNRZLVDWDGL&$7:$.DZDK,MHQVHSHUWLMDODQ

(14)

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

9.(6,038/$1

6DODKVDWXSHUPDVDODKDQGDODPSHQJHPEDQJDQXVDKDHNRZLVDWDGL&$7:$.DZDK,MHQ DGDODKNXUDQJQ\DSURPRVLVDUDQDSUDVDUDQDGDQVXPEHUGD\DPDQXVLD\DQJEHUNRPSHWHQGDODP SHQJHORODDQHNRZLVDWDGDODPNDZDVDQ7DPDQ1DVLRQDO$ODV3XUZR

3HOXDQJ XVDKD HNRZLVDWD GL &$7:$ .DZDK ,MHQ PHOLSXWL 3HQJHPEDQJDQ XVDKD SHQJLQDSDQGHQJDQIDVLOLWDV\DQJOHQJNDSXVDKDSHQ\HZDDQVHSHGDJXQXQJGDQNXGDXVDKD UHVWDXUDQGHQJDQPHQX\DQJOHQJNDSXVDKDVRXYHQLUGDQSDNHWZLVDWD\DQJPHQDULN

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³3HQJXVDKDDQ(NRZLVDWD´ )DNXOWDVNHKXWDQDQ8*03XVWDND3HODMDU2IIVHW<RJ\DNDUWD

5DQJNXWL ) $QDOLVL 6:27 7HNQLN PHPEHGDK NDVXV ELVQLV *UDPHGLD 3XVWDND 8WDPD -DNDUWD 6DQWRVR5$3HQJHPEDQJDQ3HOXDQJ8VDKD'DODP%LVQLV(NRZLVDWD'L.DZDVDQ:LVDWD 3DQWDL3OHQJNXQJ.DEXSDWHQ%DQ\XZDQJL-DZD7LPXU)DNXOWDV.HKXWDQDQ,3%%RJRU 6XWDQLQJVLK(,MHQ-DZD7LPXU +WWSZZZYVLHVGPJRLGJXQXQJDSL,QGRQHVLDLMHQPDLQKWPO