• Tidak ada hasil yang ditemukan

Revitalisasi Perkeretaapian:

N/A
N/A
Protected

Academic year: 2021

Membagikan "Revitalisasi Perkeretaapian:"

Copied!
24
0
0

Teks penuh

(1)

Jurnal Prakarsa Infrastruktur Indonesia

PRAKARSA

Edisi 2 / April 2010

Revitalisasi Perkeretaapian:

• Membangun Landasan Untuk Kebangkitan Kembali • Pendekatan

Analisis Pasar • Modernisasi Teknologi • Sumber Daya Multimedia

!

"#"!

!!

$%&'()*+)!,()-(.()!+)/+0!1%'()*02/()!3%40%4%/((52()!

!"#$%&'$()*#+,($)#"'-"'.*-,*%#")'#))$'"*"'-"-,&"*)#"',/%0'$()*#+,($)#"'&%/)/1"'2)/)*'()3)4'#%-)*56)*' #%71)0'#3#$%&'$()*#+,($)#"'1*$16'&)#)'-%+)*'3)*5'%8"#"%*'0)(1#'/%7"0'7)*3)6'&%*5)*-)/6)*' 6%(%$)')+"9'!"#"$"%&''

!

!!

1+)62!+)/+0!$%7(0+0()!8)(72.2.!3(.(4!

:"-)6')-)'#)$1'+%*-%6)$)*'+1*'3)*5'-)+)$'&%*50)#"/6)*')*)/"#"#'#%&+1(*)'3)*5'-)+)'&%*;)61+'#%&1)' -"&%*#"'-)("'#3#$%&'$()*#+,($)#"'6%(%$)')+"'.*-,*%#")9'!"#"$"%&(! ! !!

9%0):7:*2!,%'2;!<(20!+)/+0!3%40%4%/((52()!=()*!,%'2;!<(20!

<%*"*56)$)*'$%6*,/,5"'+%(/1'&%*2)-"'7)5")*'$%(+)-1'-)("'1+)3)'(%="$)/"#)#"'+%(6%(%$))+")*' .*-,*%#")>>>!!"#"$"%&)*' ! ! ! !!3%.()!>-2/:4?&!"#+&,!

!!")@4(./4+0/+4!A(7(&!8)*0(?&!"#+&,! !!<(4+!-2!#2/+.!B%'!")-""?&!"#+&,,&! !!3()-()*()!3(4(!8.72?&!"#+&,'!

!!C(.27?&!"#+&,-!

!!34(0(4.(!>-2.2!$%)-(/()*?&!"#+&,-!

!

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

(2)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!L!-(42!LU!

!

Pesan Editor

!

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`()*!,%'2;!<(20^!M;(7(&()!NaO!2(!&%&'%'%40()!:5.2! =()*! /%4.%-2(F! .%0(4()*! &(+5+)! -2! &(.(! =()*! (0()! -(/()*F! +)/+0! &%&'+(/! 0%4%/(! (52! &%)H(-2! .(4()(! ()*0+/()! 5%)+&5()*! -()! '(4()*!=()*!7%'2;!6%5(/!-()!7%'2;!&+4(;I!!

<%4.(&(R.(&(F! /2*(! (4/20%7! /%4.%'+/! &%)H%7(.0()! '(;E(! .2./%&! 5%40%4%/((52()! =()*! -24%G2/(72.(.2! '+0()7(;! &%4+5(0()! .:7+.2! &+0H2b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c!_#B!

I n f r a s t r u k t u r

d a l a m A n g k a !

!

)((:&

:)01*'$()*#8,(&)#"'6%$"6)'#$)$1#'<%(1#)0))*'?&1&' @%(%$)'A+"'B<%(1&6)C'3)*5'#%+%*10*3)'-"&"/"6"' *%5)()'-"17)0'&%*2)-"'<:'@%(%$)'A+"'.*-,*%#")'3)*5' #%#1)"'<%()$1()*'<%&%("*$)0'*,>'DEFDEEG' &%*5"H"*6)*'"*=%#$)#"'#%6$,('#I)#$)'0"*55)'JEK>''

'

)*&;2/<<=&):&>8/&?.?=/&<=/6=3&

.*"'7%7)*'5)*-)('3)*5'#%;)()'$"+"6)/'7%(/)61'1*$16' 5%(7,*5'6%(%$)')+"'-"'L)I)>'.*"'$%(&)#16'(%/)$"8'("*5M )*'BNN4O'$,*'/%7"0'$"+"6)/'1*$16'6%(%$)')+"'7%($,/,6' #%&+"$C4'-)*';%*-%(1*5'&%&7)$)#"'6%%8%6$"8)*' 6%(%$)')+"'1*$16'/)3)*)*'6%(%$)'+%*1&+)*5'&,-%(*' -1)'$"*56)$'&)1+1*')*561$)*'7)()*5>'

'

,@AB&,,A&

<%(#%*$)#%'-)("'21&/)0'+%*-)+)$)*'$,$)/'3)*5' -"+%(,/%0'+%(1#)0))*'6%(%$)')+"'*)#",*)/'<:'@%(%$)' A+"'.*-,*%#")'&)#"*5M&)#"*5'#%7)5)"'0)#"/')*561$)*' /)/1'/"*$)#'7)$17)()'-"'!1&)$()'!%/)$)*'-)*'-)("' /)3)*)*'+%*1&+)*5'%6#%61$"8'-"'2)/1('1$)&)>'

'

CD&E1>=B&,DD&E1>=&

L1&/)0'B$,*C'7)$1'7)()'3)*5'-"+(,-16#"'-"' @)/"&)*$)*'+)-)'$)01*'DEEE'-)*'NPPG>'!))$'"*"'7)$1' 7)()'-")*561$'&%/)/1"'2)/)*'()3)'-)*F)$)1'$,*56)*5' -"'#1*5)"'6)(%*)'$"-)6')-)'#"#$%&'+%(6%(%$))+")*' -"'+1/)1'"*">'

'

-'-&F2G8H.>.3&

L)()6'()$)M()$)'3)*5'-"$%&+10'+%('#)$1'' 6)/"'2)/)*',/%0'+%*1&+)*5'6%/)#'%6#%61$"8'-"'L)I)4'' 3)*5'&%*5"*-"6)#"6)*'7)0I)'+%(2)/)*)*'6%(%$)')+"' -)+)$'7%(#)"*5'-%*5)*'+%(2)/)*)*'&%/)/1"'2)/)*'()3)' -)*'+%#)I)$'1-)()>'

(3)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!P!-(42!LU!

!

!

Membangun Landasan untuk

Kebangkitan Perkeretaapian

#2./%&!/4().5:4/(.2!-2!")-:)%.2(!.((/!2)2!-2-:&2)(.2!:7%;!/4().5:4/(.2!&%7(7+2!H(7()!4(=(F!

.%-()*0()! .%'+(;! .2./%&! /4().5:4/(.2! +)/+0! &(.(! -%5()! =()*! %@2.2%)! -()! .%;(/! -(42!

.%*2! 72)*0+)*()! ;2-+5! ;(4+.! 7%'2;! '()=(0! &%)*()-(70()! 0%4%/(! (52I! Y)/+0!

&%E+H+-0())=(F! &+7(2! .%0(4()*! 5(4(! 5%&'+(/! 0%'2H(0()! 5%47+! &%)*(&'27! 7()*0(;R

7()*0(;!=()*!/%5(/I!

c!:7%;!#+=:):!A20+)!

!

! ! ! ! ! ! ! ! ! ! ! !

A2! '(E(;! 3%&%42)/(;()! 34%.2-%)! #+.27:! <(&'()*! `+-;:=:):! =()*! .%0(4()*F! ")-:)%.2(! 02)2! &%&(.+02!/(;(5!0%-+(!5%&'()*+)()!72&(!/(;+)I!!A(42!LQNQZLQNUF!%0:):&2!-254:=%0.20()!(0()! '%4/+&'+;! .%6(4(! 0:).2./%)! 4(/(R4(/(! d! 5%4.%)! .%/(;+)I! ")@4(./4+0/+4! /4().5:4/(.2! &%&(2)0()! 5%4()! &%)%)/+0()! +)/+0! &%&+)*02)0()! 5%4/+&'+;()! 2)2! -%)*()! &%)-+0+)*! 2)G%./(.2! -()! &%&@(.272/(.2! %0.5:4I! 1%*(*(7()! -(7(&! &%&'()*+)! 2)@4(./4+0/+4! =()*! -25%47+0()! (0()! &%)*(02'(/0()!-(&5(0!=()*!&%4+*20()!'(*2!%0:):&2!")-:)%.2(!-()!-(=(!.(2)*!*7:'(7)=(I! A%)*()! -%&202()! 3%&%42)/(;! ")-:)%.2(! &%)*;(-(52! /()/()*()! =()*! 7+(4! '2(.(I! #%0/:4! /4().5:4/(.2! ")-:)%.2(! .((/! 2)2! .()*(/! /2-(0! %@2.2%)I! #%'(*(2! 6:)/:;F! .%02/(4! NLFT! 5%4.%)! -(42! .%7+4+;! PUIKLT! 0&! H(42)*()! H(7()! 4(=(! )(.2:)(7! 5(-(! /(;+)! LQQT! '%4(-(! -(7(&! 0:)-2.2! /2-(0! ./('27I! 34:5:4.2! H(7()! =()*! 4+.(0! -2! /2)*0(/! 54:G2).2! -()! 0('+5(/%)! H(+;! 7%'2;! /2)**2F! -()! aQ! ;2)**(! KQ! 5%4.%)! H(7()! 4(=(! /%4.%'+/! -2)27(2! -(7(&! 0:)-2.2! '+4+0! (/(+! .()*(/! '+4+0I! C(.27! ./+-2! &%&'%42!2)-20(.2!'(;E(!5%7('+;()!")-:)%.2(!.()*(/!/2-(0!%@2.2%)!-()!(0.%.!0%!5%7('+;()!/2-(0! &%)6+0+52I!! #%/%7(;! '%'%4(5(! /(;+)! /%4(0;24! 2)2! -2(-(0()! 5%4:&'(0()! '%.(4R'%.(4()! 5(-(! +)-()*R+)-()*! =()*!&%)*(/+4!/4().5:4/(.2!-(4(/F!7(+/F!(24F!-()!0%4%/(!(52!&(0(!.%0/:4!/4().5:4/(.2!-2!")-:)%.2(! '(4+! &%&+7(2! 5%4H(7()())=(! -(42! &:):5:72! 5%&%42)/(;! &%)+H+! 5(.(4! /%4'+0(I! $:):5:72! 5%&%42)/(;! .%-()*! -24:&'(0! -()! 5(.(4! /4().5:4/(.2! &+7(2! -2'+0(! +)/+0! &%72'(/0()! .%0/:4!

18!9%*(7!84+&!&%7%E(/2!_(0+)*F!D(0(4/(!92&+4I!

A$)#'+%(6%*)*'Q)-")'R)(("#,*>!

(4)

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

IJK%LIJK%M&NM"$"O

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e;(.27R6%5(/e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

(5)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!a!-(42!LU!

!

%0.5:)%).2(7!(02'(/!&+/+!H(7()!=()*!'+4+0F!E(0/+!5%4H(7()()!7%'2;!7(&(F!7%'2;!.%42)*!/%4H(-2)=(! 0%7(&'(/()F! -()! '2(=(! /%4.%7+'+)*! 7(2))=(I! D(7()! 4(=(! =()*! &(6%/! -()! 4+.(0! /%7(;! &%)*(02'(/0()!%0:):&2!'2(=(!/2)**2F!&%)*+4()*2!-(=(!.(2)*!0:&:-2/2!%0.5:4F!-()!&%)*;(&'(/! 5%4/+&'+;()!%0:):&2I!

#2./%&! 0%4%/(! (52! =()*! -24%G2/(72.(.2! &%4+5(0()! 0:&5:)%)! 0+)62! -(7(&! .%&+(! +5(=(! +)/+0! &%)()**+7()*2!0%(-(()!=()*!(-(!.%0(4()*I!D(42)*()!H(7()!4(=(!.(H(!/2-(0!-(5(/!-2()-(70()!+)/+0! /4().5:4/(.2! '(4()*! -()! 5%)+&5()*! -2! &(.(! =()*! (0()! -(/()*I! ")-:)%.2(! 5%47+! &%&'()*+)! 54(.(4()(F! 2)-+./42F! -()! 7(=()()! 5%40%4%/((52()! .%H(+;! 0%4%/(! -(5(/! '%4.(2)*! .%6(4(! E(H(4! -%)*()!H(7()!4(=(I!A(42!.%*2!'2(=(F!0%4%/(!(52!'%45:/%).2!+)/+0!&%)H(-2!.()*(/!'%4.(2)*F!-()!H+*(!

&%)(420! -(42! .+-+/! 5()-()*! %@2.2%).2! 5%)**+)(()! %)%4*2F! /2)*0(/! 0%'2.2)*()F! %&2.2! _fLF! -()!

5%4/2&'()*()! 72)*0+)*()! ;2-+5! 7(2)I! #%'('! 2/+! .()*(/! E(H(4! (5('27(! 5%40%4%/((52()! -2H(*:0()! .%'(*(2! /+7()*! 5+)**+)*! .2./%&! /4().5:4/(.2! &+7/2&:-(! =()*! .%;(/! .%6(4(! %0:):&2.! -2! ")-:)%.2(I!!

Y)-()*RY)-()*! MYYO! ):I! LPVLQQd! /%)/()*! 3%40%4%/((52()! '%420+/! 3%4(/+4()! 3%&%42)/(;! ):I! aKVLQQT! -()! ):I! d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g;(.27R6%5(/eI!

(6)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!K!-(42!LU!

!

#(7(;! .(/+! ;(7! .5%.2@20! =()*! -2+/(4(0()! 92&! 9%0)2.! +)/+0! &%)-(5(/0()! 5%4;(/2()! -(42! 5%H('(/! 0%&%)/%42()! (-(7(;! ./(/+.! 5%4+.(;(()! 54(.(4()(! 5%40%4%/((52()! -()! 5%4+.(;(()! .(4()(! 5%40%4%/((52()I! YY! 3%40%4%/((52()! &%&'%420()! &()-(/! 0+(/! 0%5(-(! 5%&%42)/(;! +)/+0! &%&'%)/+0! '(-()! +.(;(! /%452.(;! +)/+0! 5%)*:5%4(.2()! 54(.(4()(! 5%40%4%/((52()! -()! +)/+0! 5%)*:5%4(.2()! .(4()(! 5%40%4%/((52()I! #(.(4())=(! (-(7(;! +)/+0! &%)625/(0()! .2/+(.2! -2&()(! /%4-(5(/! '%4'(*(2! :5%4(/:4! =()*! &(.2)*R&(.2)*! &%)H(-2! 5%)=%-2(! 7(=()()! 0%4%/(! (52! =()*! '%4'%-(! ! -%)*()! &%)**+)(0()! 54(.(4()(! 0%4%/(! (52! =()*! .(&(! =()*! -2:5%4(.20()! -()! -20%7:7(! :7%;! 5%4+.(;(()! 54(.(4()(! 5%40%4%/((52()I! \(&+)! -%&202()F! 0%7(&'()()! '24:04(.2! -()! 0%4(*+()! -(7(&! 5%)*(&'27()! 0%5+/+.()! ;(4+.! -(5(/! -2(/(.2! (5('27(! 2)/%*4(.2! G%4/20(7! =()*! (-(! .%0(4()*!()/(4(!54(.(4()(!-()!.(4()(!5%40%4%/((52()!;%)-(0!-252.(;0()I!

!

!

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

1%&%)/%42()! \%*(4(! <Y$\! /(&5(0! &%)*(&'27! H(4(0! -(42! 0:)/4:G%4.2! 2)2! &%.025+)! &%4%0(! .%&%./2)=(! &%)-+0+)*! *(*(.()! +)/+0! &%)*0:45:4(.20()! -()! &%)*0:&%4.2(70()! 5%40%4%/((52()I! D(-2! (-(! /2*(! 7%&'(*(! =()*! /%472'(/F! -()! &%&27202! /+H+()! -()! .+-+/! 5()-()*! &(.2)*R&(.2)*I! ! C2)**(! .%0(4()*! /2-(0! (-(! -2! ()/(4(! &%4%0(! =()*! '%4.%-2(! +)/+0! '%45%4()! .%'(*(2!@(.272/(/:4!(/(+!&%-2(/:4!4%*+7(.2!=()*!-25%47+0()!+)/+0!0%7+(4!-(42!./(/+.!h+:!2)2I!! #%'(*(2&()(! -2/(&5270()! -(7(&! i(&'(4! NF! 92&! 9%0)2.! .+-(;! &%)*+.+70()! .:7+.2! .%&%)/(4(! =()*!-2&(0.+-0()!+)/+0!&%)*(/(.2!0%'+)/+()!.%4(=(!(-()=(!5%7+()*!=()*!-2.%-2(0()!4%)6()(!

(7)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!d!-(42!LU!

!

5%&'()*+)()! 72&(! /(;+)! LQNQZLQNUI! A(7(&! 72&(! /(;+)! &%)-(/()*F! (0()! -2'%)/+0! 5%4H()H2()! '%4'(.2.! 02)%4H(! ()/(4(! :5%4(/:4! =()*! .%-()*! '%40+(.(! -()! 5%&%42)/(;I! ! A2! '(E(;! 5%4.=(4(/()! 5%4H()H2()! 2)2F! :5%4(/:4! -272&5(;2! ;(0! %0.07+.2@! +)/+0! &%)H(7()0()! +.(;(! 54(.(4()(! 5%4R 0%4%/((52()F!)(&+)!;(4+.!&%&'%42!;(0!0%5(-(!5%4+.(;(()!.(4()(!5%40%4%/((52()!'(4+F!(5('27(! (-(F! +)/+0! &%)**+)(0()! 54(.(4()(! 5%40%4%/((52()I! 3%4H()H2()! 2)2! &%4+5(0()! .%&(6(&! G%4.2!

5:7(! 5%&'2(=(()! 3#fR"$fR98_N! =()*! -2/2)*0(/0()I! A2! '(E(;! 5%4H()H2()! /%4.%'+/F! 02)%4H(!

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b2)! -()! 72.%).2! +)/+0! &%)H(7()0()! +.(;(! 5%40%4%/((52()! =()*! &%)6(0+5! '(20! 54(.(4()(! &(+5+)! .(4()(! 5%40%4%/((52()I! 3%&%42)/(;! ")-:)%.2(! 02)2! .%-()*! -2! '(E(;! /%0()()! 0%4(.! +)/+0! &%E+H+-0()! 2)2! .%'(*(2&()(! -25%40%)()0()! +)-()*R+)-()*F! -()! 5%4&2)/(()! &:-(! /4().5:4/(.2! 0%4%/(! (52! +)/+0! 0:&:-2/2! .%&(6(&!2)2!.()*(/!/2)**2I!!

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

#%'(*(2! 5%)+/+5F! 5%40%4%/((52()! ")-:)%.2(! (0()! &%)*(7(&2! /4().@:4&(.2! '%.(4R'%.(4()! -(7(&! '%'%4(5(! -(.(E(4.(! =()*! (0()! -(/()*! .%4(=(! )%*(4(! 2)2! &%)2)**(70()! 0%/%4*()/+)*()! =()*! /%47(7+! '%4(/! 5(-(! /4().5:4/(.2! H(7()! 4(=(I! 9(;+)R/(;+)! &%)-(/()*! 2)2! 5%47+! &%)H(-2! %4(! 0%'()*02/()! 5%40%4%/((52()! -2&()(! .+-(;! /2-(0! (-(! (7/%4)(/2@! =()*! &%&(-(2I! ,()-(.()! +)/+0!

0%'()*02/()!2)2!;(4+.!-2'()*+)!.%0(4()*I!!!!

S)$)$)*T'

D>' A6(,*"&' "*"' &%(1216' +)-)' <17/";' !%(=";%' U7/"5)$",*M.*8()#$(1;$1(%' V)"*$%*)*;%M:();6' A;;%##' S0)(5%#' )$)1' @%I)2"7)*' W)3)*)*' <17/"6M<%&%/"0)())*' <()#)()*)MQ")3)' A6#%#' +)-)' L)/1(' @%(%$)'

(8)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!j!-(42!LU!

!

A+">' !6%&)' <!UM.VUM:AS' "*"' &%(1+)6)*' 6%+1$1#)*' 7%(#)&)' V%*$%("' <%(0171*5)*4' @%+)/)' Q)++%*)#4' -)*' V%*$%("' @%1)*5)*>' !6%&)' "*"' -"()*;)*5' 1*$16' &%*"*56)$6)*' -)*' &%*3%-%(0)*)6)*' +%*5)$1()*' 6%1)*5)*' )*$)()' <:' @A.' -)*' <%&%("*$)04' *)&1*' $"-)6' +%(*)0' -""&+/%&%*$)#"6)*'-%*5)*'#%&%#$"*3)>''

!

$%)*%)(2!5%)+72.?!

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j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aZLQQPI! ! #%:4()*! 2).2)=+4! .2527F! '%72(+! 7+7+.! /(;+)! NTda! -(42! Y)2G%4.2/(.! ")-:)%.2(F! -()! 0%&+-2()! &%)-(5(/! .%4/2@20(.2! .%'(*(2! ]C2*;E(=V94(@@26! >)*2)%%4^! -(42! ")./2/+/! 9%0):7:*2! <()-+)*I! <%72(+! /+4+/! .%4/(! -(7(&! '()=(0! .%&2)(4! )(.2:)(7! -()! 2)/%4)(.2:)(7! .%'(*(2! 5%&'26(4(! -()! 0%/+(! -%7%*(.2F! -()! H+*(! &%)H(-2! ()**:/(! '%4'(*(2! :4*()2.(.2! 54:@%.2:)(7! )(.2:)(7! -()! 2)/%4)(.2:)(7! -2! '2-()*! 27&+! ()*0+/()! -()! &()(H%&%)!54:=%0I!!

(9)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!T!-(42!LU!

!

!

Kunci Untuk Melakukan Analisis Pasar

92-(0! (-(! .(/+! 5%)-%0(/()! 5+)! =()*! -(5(/! &%)*;(.270()! ()(72.2.! .%&5+4)(! =()*! -(5(/!

&%)6(0+5! .%&+(! -2&%).2! -(42! .2./%&! /4().5:4/(.2! 0%4%/(! (52! ")-:)%.2(I! 9+*(.! /4().R

5:4/(.2!=()*!'%4'%-(!&%)+)/+/!H%)2.!()(72.2.!=()*!'%4'%-(!5+7(I!

c!:7%;!D:42.!X()!-%4!X%)!

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

3%)+&5()*!_24%':)!>0.54%.!

A$)#'+%(6%*)*'!)61()"'V"-,("'

(10)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NQ!-(42!LU!

!

&%)*(7(&2!%G:7+.2!.%242)*!-%)*()!/%4H(-2)=(!5%4+'(;()!@+)-(&%)/(7!-(7(&!5:7(!7:0(.2!2)-+./42F! 0%*2(/()F! -()! /%&5(/! ;+)2()I! D(-2F! .%'%7+&! &%7(0+0()! 54:*4(&! 2)G%./(.2! '%.(4F! 0%+)**+7()! 0%4%/(!(52!+)/+0!-(5(/!&%)()*()2!/+*(.!/%4.%'+/!5%47+!-2%G(7+(.2!7%'2;!&%)-%/27I!!

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k!-()!M22O!()(72.2.!.0%)(42:!-%)*()!&%)**+)(0()!'2(=(!2)G%./(.2!-()!:5%4(.2:)(7!=()*! 4%54%.%)/(/2@I!"!

IJK%LIJK%M&NM"$"O

!

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

(11)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NN!-(42!LU! ! R.3.>=&"Q2&S.3414&T=G=/&U=V=& #+(/+!()(72.2.!.0%)(42:!&%)*2)-20(.20()!'(;E(!(*(4!H(7+4!0%4%/(!(52!'(4+!-(5(/!'%4.(2)*!-%)*()! H(7()!4(=(!'(4+!+)/+0!H(4(0!()*0+/!aQQ!0&!-2'+/+;0()!5(72)*!.%-202/!72&(!H+/(!/:)!&+(/()!+&+&! 5%4!/(;+)!-()!5%&'%'(.()!'2(=(!':)*0(4!-()!&+(/!-2!./(.2+)!5%&'%4()*0(/()!&(+5+)!./(.2+)! /+H+()I!<27(&()(!'2(=(!/%4.%'+/!-2'%47(0+0()!&(0(!H(7()!4(=(!&(.2;!/%/(5!&%4+5(0()!(7/%4)(/2@! -%)*()! '2(=(! =()*! 7%'2;! 4%)-(;! +)/+0! G:7+&%! ()*0+/()! -2! (/(.! 72&(! H+/(! /:)! .%/(;+)I! Y)/+0! H(4(0! ()*0+/! LaQ! 0&! -%)*()! '%'()! ':)*0(4! &+(/! .%'(*(2&()(! &%)H(-2! 0%'2(.(()! +)/+0! ()*0+/()! '(4()*! -2! D(E(F! 0%4%/(! (52! ;(&524! /2-(0! -(5(/! '%4.(2)*! -%)*()! H(7()! 4(=(! &%.025+)! G:7+&%! ()*0+/()! &%)6(5(2! NQ! H+/(! /:)I! 85('27(! /%4-(5(/! 0:)%0.2! H(7()! 4(=(! ()/(4(! /2/20! 5%&'%4()*0(/()!-()!/+H+()F!0%+)**+7()!H(7()!4(=(!.%&(02)!&%)2)*0(/I!!

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

12)%4H(! 0%4%/(! (52! /%40(2/! -%)*()! 7(7+! 72)/(.! 5%)+&5()*! H+*(! &%)*2)-20(.20()! '(;E(! *('+)*()! 7(=()()! =()*! -2.%-2(0()! 0%4%/(! (52! /2-(0! .%H(7()! -%)*()! 0%+)**+7()! 0:&5(4(/2@)=(I! 3%4/+&'+;()!/(;+)()!-(7(&!7(7+!72)/(.!5%)+&5()*!.%5()H()*!La!/(;+)F!=(2/+!.%02/(4!U!5%4.%)F! &(.2;! -2! '(E(;! &:-(! /4().5:4/(.2! 7(2)F! =()*! &%4+5(0()! 2)-20(.2! (-()=(! 0%;27()*()! 5()*.(! 5(.(4! .%6(4(! /%4+.! &%)%4+.I! A2! .(&52)*! 2/+F! ()*0(! 4(/(R4(/(! 2)2! /2-(0! &%)+)H+00()! (-()=(! 5%4'%-(()! =()*! .2*)2@20()! ()/(4(! 7(=()()F! -2&()(! ;()=(! 0%7(.! %0.%0+/2@! &%)+)H+00()! 02)%4H(! '(20!-25()-()*!-(42!.%*2!7(7+!72)/(.!-()!0%&(&5+()!&%)-(5(/0()!0%+)/+)*()I!

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jI!!

"/<F1>=/&I./1HQ=/<&6=/&W=3=/<&62&T=9=&

8)(72.2.!5(.(4!&%)*%)(2!7(=()()!5%)+&5()*!H(7+4!+/(&(!-2!D(E(!-()!7(=()()!()*0+/()!'(4()*!-2! D(E(! =()*! &%)*;(.270()! aP! 5%4.%)! -(42! 5%)-(5(/()! 0%4%/(! (52! /(;+)! LQQj! (-(7(;! =()*! 5(72)*! &%)()/()*! 0(4%)(! &%72'(/0()! '%'%4(5(! -2&%).2! 0+)62I! 3%4/(&(F! 5%)%)/+()! '2(=(! 7(7+! 72)/(.!

(12)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NL!-(42!LU!

!

.%6(4(! .%0.(&(! M()(72.2.! '2(=(! ()/(4(! -+(! /2/20! (.(7! -()! /+H+()! /%4/%)/+O! -25%47+0()! +)/+0! &%)H%7(.0()!5%4()!0%4%/(!(52!=()*!/%5(/!-(7(&!.%*&%)!5(.(4!2)2I!#%&%./2)=(!2)2!-(5(/!&%&'%42! 5%&(;(&()! &%)*%)(2! 0%7(=(0()! 0:&%4.2(7! -(42! 7(=()()! -()! 5%)%/(5()! -(.(4! +)/+0! ]./4(/%*2! 0%7+(4^! +)/+0! 7(=()()! =()*! /2-(0! -(5(/! &%)+/+5! '2(=(! :5%4(.2I! D%7(.! '(;E(! .+-(;! .%H(0! (E(7! &+/7(0!+)/+0!&%)*;2)-(42!&%7(0+0()!2)G%./(.2!5(-(!7(=()()!=()*!&%4+*2I!

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f7%;! .%'('! 2/+F! /%4*()/+)*! 5(-(!5%4+'(;()!0%'2H(0()F!&(.(!-%5()!0%4%/(!(52!-(5(/!-2/2)*0(/0()!.%6(4(!'%4(4/2I!

1%/2*(F!()(72.2.!5(.(4!H+*(!;(4+.!&%&5%4;2/+)*0()!'(;E(!;(4*(!'+0()!@(0/:4!.(/+R.(/+)=(!=()*! &%)(420! 5%4;(/2()! 5%&'%72! 7(=()()! ()*0+/()I! 3%4/2&'()*()! 5%)/2)*! 7(2))=(F! .%6(4(! 0:7%0/2@! -2.%'+/! g&+/+! 7(=()()eF! &%725+/2! ()/(4(! 7(2)?! H()*0(! E(0/+! 5%4H(7()()F! @4%0+%).2! 7(=()()F! 0%/%5(/()F!2).2-%)!0%;27()*()V0%4+.(0()!M+)/+0!'(4()*OF!-()!0%)=(&()()!M+)/+0!5%)+&5()*OI!! A%)*()!&%&5%4;(/20()!@(0/:4R@(0/:4!/%4.%'+/F!-()!5()*.(!5(.(4!0%4%/(!(52!=()*!4%7(/2@!0%627!-2! 5(.(4!5%)+&5()*!-()!&+(/()!'(4()*!5(-(!H(7+4!+/(&(!-2!D(E(F!&(0(!-24%0:&%)-(.20()!()(72.2.! 5(.(4! -%)*()! g5%)-%0(/()! &204:eI! #%'(720)=(! -%)*()! g5%)-%0(/()! &(04:e! =()*! &%)*()-(70()! 5(-(!54:=%0.2!5%4&2)/(()!()*0+/()!0%.%7+4+;()!-()!(.+&.2!&%)*%)(2!5()*.(!5(.(4!0%4%/(!-()! &:-(!()*0+/()!7(2))=(F!5%)-%0(/()!&204:!&%)2/20'%4(/0()!5(-(!7(=()()!-()!5%7()**()!.%6(4(! 2)-2G2-+(7I! 3%)%0()()! -2'%420()! 5(-(?! @(0/:4R@(0/:4! =()*! &%)**%4(00()! 5%4&2)/(()k! ;(4*(! -()! &+/+! 4%7(/2@! -(42! 7(=()()! &:-(! =()*! '%4.(2)*k! +0+4()! %7(./2.2/(.k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

3%)-%0(/()! .%'(*(2&()(! -2*(&'(40()! -2! (/(.! H()*()! -25()-()*! .%'(*(2! +5(=(! .(/+! 0(72! .%;2)**(! &%)*;(.270()! 5(4(&%/%4! =()*! (0()! '%47(0+! .%7(&(! &(.(! [%)6()(! ")-+0! LQ! /(;+)F! &%7(2)0()! 5%47+! -2()**(5! .%'(*(2! .+(/+! 54:.%.! =()*! .%6(4(! 0:)./()! &%)2)*0(/0()! 6(&5+4()! 54:-+0! B+(,-1;$' &"XC' .%0/:4! 5%40%4%/((52()I! _(&5+4()! 2)2! ;(4+.! .%&(02)! -2.%.+(20()! -%)*()! 0%+)**+7()! 0%4%/(! (52! =()*! &%7%0(/! -()! /+)/+/()! 5(.(4! ()*0+/()! .(&'27! -2.%.+(20()! -%)*()! 0%'2H(0()!5%&%42)/(;I!

(13)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NP!-(42!LU!

!

#=V=/=/&I./1HQ=/<&62&T=?8>=?.F&&

Y)/+0! 7(=()()! 5%)+&5()*! -2! D(':/('%0! 5%)-%0(/()! ()(72.2.! 5(.(4! '%4'%-(! .%0(72F! 0(4%)(! 2)2! &%4+5(0()!7(=()()!5%)*7(H+!B;,&&1$%(C!.+'R+4'()!=()*!.%;(4+.)=(!&%)H(-2!'(*2()!-(42!.2./%&! /4().5:4/(.2! &+7/2&:-(! &%/4:5:72/()! =()*! /%45(-+! -()! .(72)*R&%7%)*0(52I! f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

R.3.>=&"Q2&X1H=>.3=&X.G=>=/&

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f7%;! .%'('! 2/+F! /+H+()! ()(72.2.! .%=:*2()=(! (-(7(;! +)/+0! &%)=%5(0(/2! 5%4H()H2()! ()*0+/()!H()*0(!5()H()*!-%)*()!5%4+.(;(()!5%4/(&'()*()!=()*!&%)6%4&2)0()!5%4H()H2()!(E(7! /%4.%'+/I!!

T=G13&R.3.>=&"Q2&W=31&&

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

(14)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NU!-(42!LU!

!

/4().5:4/(.2! &%4+5(0()! '(*2()! /%45(-+! -(7(&! 5:7(! 5%4/(&'()*()! (5(! 5+)! M2b2)! 5%4/(&'()*()! &%)6(0+5! 2b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b2)()I!! #%'(*(2!0%.2&5+7()F!6(4(!-()!&%/:-:7:*2!=()*!5%47+!-2/%4(50()!+)/+0!&%7(0+0()!()(72.2.!5(.(4!! =()*!7(=(0F!'%4'%-(R'%-(!/%4*()/+)*!5(-(!0(4(0/%4!/+*(.!()*0+/()I!85('27(!5(.(4!+)/+0!0%4%/(! (52! -2()(72.2.! -%)*()! 5%)-%0(/()! /%4.%)-242F! ;(.27)=(! (0()! &%)H(-2! 5%-:&()! ./4(/%*2.! =()*! /%4'(20!.%242)*!-%)*()!+5(=(!")-:)%.2(!+)/+0!&%4%G2/(72.(.2!5%40%4%/((52())=(I!!! $%)*%)(2!5%)+72.!

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

(15)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!Na!-(42!LU!

!

! !

Teknologi Lebih Baik untuk

Perkeretaapian yang Lebih Baik

3%)2)*0(/()! /%0):7:*2! 5%47+! &%)H(-2! '(*2()! /%45(-+! -(42! +5(=(! 4%G2/(72.(.2! 5%4R

0%4%/((52()! ")-:)%.2(I! $()@((/! %0:):&2! -()! .:.2(7! =()*! .+'./().2(7! -(5(/! -25%4:7%;!

-(42! 5%4+'(;()! .%6(4(! '%4/(;(5! =()*! (0()! &%)*;(.270()! 5%4H(7()()! 7%'2;! 6%5(/! '(*2!

5%)+&5()*!-()!7(=()()!7%'2;!'(20!'(*2!5%)*242&!'(4()*I!

c!:7%;!_7%77!C(44(7!!

!

'

!

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ]A(7(&!'()=(0!;(7F!39!1%4%/(!852!")-:)%.2(!M39!18"O!&%)H(7()0()!+.(;(!5%40%4%/((52()!-%)*()! .()*(/!'(20F!&%)*2)*(/!;(&'(/()!=()*!-2;(-(52I^!!A%&202()7(;!+)*0(5()!D:;)!B2))%4F!()**:/(! /2&! 0:).+7/()! =()*! -2'%)/+0! :7%;! 34(0(4.(! ")@4(./4+0/+4! ")-:)%.2(! M")-""O! +)/+0! &%)-+0+)*! A24%0/:4(/!D%)-%4(7!3%40%4%/((52()!MA2/H%)0(O!.%4(=(!/2&!/%4.%'+/!&%)=%7%.(20()![%)6()(!")-+0! 3%40%4%/((52()! \(.2:)(7! M\[$3O! .%.+(2! &()-(/! YY! ):I! LPVLQQdI! ! B2))%4! =()*! &%)*%5(7(2! 54(0/20! 5%40%4%/((52()! .%H(*(/! -2! C(44(7! B2))%4! 9;:&5.:)! #;(45! 17%2)! M5%4+.(;(()! 0:).+7/()! &()(H%&%)! '%4'(.2.! -2! 8#F! -()! '%4.5%.2(72.(.2! -2! '2-()*! /4().5:4/(.2OF! &%&'+(/! 5%4)=(/(()!

/%4.%'+/! .%+.(2! &%7(0+0()! 7(E(/()! 2).5%0.2! .%7(&(! %&5(/! ;(42! '%4.(&(! /2&! ")-""N! &%)=+.+42!

H(7+4! +/(&(! -2! D(E(! '+7()! \:G%&'%4! 7(7+F! -2-(&52)*2! :7%;! 5(4(! &(.2)(.! 7:0:&:/2@! -()! 5%H('(/! 39!18"!=()*!&%)*%7:7(!5%40%4%/((52()!)(.2:)(7I!

B2))%4! &%)*(&(/2F! ]8-()=(! /%0):7:*2! 0+):! =()*! &(.2;! -2*+)(0()! -(7(&! '()=(0! %7%&%)! -(42! .2./%&! 0%4%/(! (52! l18m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

!

(16)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NK!-(42!LU!

!

&%7(&5(+2!+.2(!0%%0:):&2()!):4&(7)=(I^!

A%)*()! 0:&%)/(4)=(! B2))%4! &%)%0()0()! &(.(7(;! 0+)62! '(*2! 5(4(! 5%4%)6()(! =()*! '%4;(4(5! -(5(/! &%4%G2/(72.(.2! 5%40%4%/((52()! ")-:)%.2(?! 5%47+! (-()=(! &:-%4)2.(.2! /%0):7:*2I$%7(7+2! 5%)*(&(/()! .%7(&(! 7(E(/()! 2).5%0.2! 2)2F! (-(! .%H+&7(;! &(.(7(;! /%40(2/! -%)*()! /%0):7:*2! =()*! .+-(;!/%4/2)**(7!(/(+!/2-(0!7(=(0!7(*2!=()*!5%47+!-2(/(.2!-(7(&!\[$3I!"!

IJK%LIJK%M&NM"$"O

!

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b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d!5%4.%)!.%/(;+)F!H+&7(;!5%)-+-+0!.%&(02)! '%4/(&'(;F!-()!0%5(-(/()!5%)-+-+0!6%)-%4+)*!'%47()H+/F!!-2&+)*02)0()!(-()=(!5%7+()*!+)/+0!1%4%/(!852! <%40%6%5(/()!#()*(/!92)**2!MX%4=!C2*;!#5%%-![(27O!-2!&(.(!-%5()I!3(4(!5%4%)6()(!.%=:*2()=(!&%7(0+0()! 7()*0(;!=()*!-25%47+0()!+)/+0!&%)*2-%)/2@20(.2!7(;()!=()*!(0()!-25%47+0()!+)/+0!5%&'()*+)()!H(7+4!0%4%/(! (52!-()!&%)6(-()*0()!7(;()!/()(;!.%'(*(2!5%4.2(5())=(I!

(17)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!Nd!-(42!LU!

!

R.<=<=G=/&K/4>2>1428/=G&

#(/+! &(.(7(;! (-(7(;! /%40(2/! -%)*()! /2-(0! (-()=(! 2)G%)/(42.! .+0+! 6(-()*! =()*! 7(=(0! =()*! -25%47+0()! +)/+0! &%&5%46%5(/! 54:.%.! 4(E(/! 5+72;! M:G%4;(+7O! -()! 5%4'(20()! 7:0:&:/2@I! A2! Y)2/! 3%7(0.()(! 9%0)2.! MY39O! <(7(2! `(.(! `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`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dZNQ! ;(42I! #+0+! 6(-()*! 7(&(! 0%&+-2()! -(5(/! -25%4'(202! -()! -24%&(H(0()! /()5(! &%)*;(&'(/! E(0/+! '%4:5%4(.2)=(! 0%&'(72! 7:0:&:/2@! /%4.%'+/I!

9(;+)! NTTd! 34:=%0! >@2.2%).2! 3%40%4%/((52()! -(42! <()0! A+)2(! &%)=%-2(0()! 2)G%)/(42.! (E(7! .+0+! 6(-()*!0;+.+.!0(4%)(!(7(.()!2)2I!!3(-(!(E(7)=(!6(4(!2)2!'%4H(7()!-%)*()!'(20F!)(&+)!2)G%)/(42.! .+0+! 6(-()*! (E(7! -%)*()! 6%5(/! .+-(;! ;('2.! /%45(0(2! -()! '%7+&! -2*()/20()I! ")2! &+)*02)! .%'(*2()!-2.%'('0()!:7%;!042.2.!%0:):&2!5(4(;!=()*!/%4H(-2!/(;+)!NTTd!.%;2)**(!&%)*(02'(/0()! /+4+))=(! 5%4&2)/(()! (0()! 7:0:&:/2@! -()! '%40+4()*)=(! +4*%).2! +)/+0! &%)H(*(! 2)G%)/(42.I! \(&+)! .((/! 7(7+! 72)/(.! 18! &+7(2! '()*02/! 0%&'(72! -()! .%&+(! 7:0:&:/2@! -25%47+0()F! &(0(! 7(&'())=(!5%45+/(4()!-2!`:*=(0(4/(!.%&(02)!&%)H(-2!5%)*;(&'(/!-()!-(42!.%*2!'2(=(!&%)H(-2! '%'()F! .%;2)**(! 5%47+! .%*%4(! -2/()**+7()*2I! 3%4.:(7()! 2)2! .+-(;! -2(0+2! .%'(*(2! &(.(7(;! /%0)2.I! #:7+.2)=(! .+-(;! -22-%)/2@20(.2! -()! -2.%5(0(/2k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a! 027:&%/%4! 5%4! H(&F! )(20! -(42! TQZTa! 0&! 5%4! H(&! .%0(4()*! 2)2I! ! ")2! -(5(/! -26(5(2! -%)*()! M2O! 5%)2)*0(/()! &+/+! 5%4(E(/()! 4%7k! M22O! 5%&(.()*()! .2./%&!4(&'+!-()!5%)*%)-(72()!7(7+!72)/(.!=()*!&:-%4)k!-()!M222O!5%&(.()*()!5%)*(&()()!7(7+! 72)/(.!-2!'()=(0!5%45:/:)*()!4%7!18!-%)*()!H(7()!=()*!/2-(0!-2(E(02!-()!/()5(!4(&'+I!!,()*0(;R 7()*0(;! 2)2! .(H(! .+-(;! -(5(/! &%)2)*0(/0()! 0(5(.2/(.! 5(-(! H(7+4! =()*! (-(! M=()*! .%'(*2()! '%.(4! ()/(4(! _24%':)! -()! #+4('(=(! &(.2;! '%4+5(! H(7+4! 4%7! /+)**(7OF! -%)*()! 0%&+)*02)()! '(;E(! 2)2! .+-(;! 6+0+5! +)/+0! &%)+)-(! 5%&'()*+)()! H(7+4! 4%7! *()-(! +)/+0! '%'%4(5(! /(;+)I! 1%)(20()!

(18)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!Nj!-(42!LU!

!

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k! M22O! &%)*:5%4(.20()! 7:0:&:/2@! '%4*()-(4! %&5(/! =()*! 7%'2;! '%4/%)(*(! +)/+0! &%)**%4(00()! 0%4%/(! (52! 7%'2;! 6%5(/F! M222O! &%)2)*0(/0()! 0%0+(/()! 4%7! (*(4! -(5(/! &%):5()*! 7:0:&:/2@! -%)*()! LPZLa! /:)! '%'()! *()-(4! /%4.%'+/F! -()! M2GO! &%)(200()! 4+()*! '%'(.! ./4+0/+4(7! (*(4! -(5(/!

&%)*(0:&:-(.2!*%4':)*L!!5%)+&5()*!'%4/2)*0(/!=()*!&:-%4)I!!A%)*()!5%)2)*0(/()!.%5%4/2!2)2!

-(5(/!-2/(E(40()!7(=()()!-%)*()!0%6%5(/()!&(0.2&+&!NaQ!0&!5%4!H(&F!-()!/2-(0!5%47+!'%4(72;!

0%! .2./2&! ! /:7:0P! M*(+*%O! =()*! 7%'2;! 7%'(4! +)/+0! &%)-(5(/0()! &()@((/! 2)2I! 92)*0(/! 7(=()()!

.%5%4/2! 2)2! (0()! &%)*;(-(50()! 5(4(! :5%4(/:4! ()*0+/()! '+.! -%)*()! 5%4.(2)*()! =()*! /()**+;! -()!'(;0()!-(5(/!&%)*(72;0()!.%'(*2()!5%4H(7()()!-%)*()!&:'27!542'(-2I!!!

#%7()H+/)=(F! 2)G%./(.2! -%&202()! 2)2F! &%.025+)! /%4+/(&(! /%4*%4(0! :7%;! 5%4&2)/(()! +)/+0! &%)2)*0(/0()!7(=()()!5%)+&5()*!18F!H+*(!(0()!&%)2)*0(/0()!5:/%).2!5%)=%-2(()!7(=()()!'(4+! +)/+0!()*0+/()!'(4()*I!

R..F8/8H2=/&#2/<F1Q&&&

1:).%5!]0%%0:):&2()!72)*0+5^!M%;,*,&"%#',8'#;,+%O!=()*!'%47(0+!(5('27(!4(/(R4(/(!H+&7(;!'2(=(! 54:-+0.2!(0()!&%)+4+)!'27(&()(!H+&7(;!H%)2.!'(4()*!=()*!-254:-+0.2!&%)2)*0(/F!.()*(/!'%47(0+! -(7(&! ;(7! 2)G%./(.2! -2! .2./%&! 18! ")-:)%.2(! .%'(*(2&()(! -2+.+70()I! <27(&()(! 5%)2)*0(/()! H(7+4! -()!7:0:&:/2@!-2*('+)*0()!-(7(&!2)G%./(.2!*%4':)*!18!&:-%4)!-%)*()!-(=(!()*0+/!7%'2;!/2)**2F!

-()!&%)**+)(0()!*%4':)*!'%4(7(.!4%)-(;!M/,IMI%//'I)5,*#UO!=()*!&%&+)*02)0()!5%)+&5+0()!

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g5%7('+;()!0%42)*e!-2!5%-(7(&()!+)/+0!+4+.()!'%(R6+0(2F!(/(+!5%)*()*0+/()!5%/2!0%&(.! ()/(4(!9()H+)*!3%4(0F!#%&(4()*F!_24%':)F!-()!5+.(/!5%)*242&()!'%.(4!.%5()H()*!5()/(2!+/(4(I!

(19)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!NT!-(42!LU!

!

W1F=/&X.H=>=L$=>=&$=4=G=;&!=3<=&

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

W=>1&W=3=&"6=G=;&[.32>=&#=2/&

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a!/:)!-()! &%&+)*02)0()!0(5(.2/(.!()*0+/!7%'2;!/2)**2!-27%)*0(52!4()6()*()!*%4':)*!-%)*()!@(.272/(.!':)*0(4!&+(/!! 6%5(/! -()! -2*%4(00()! 7:0:&:/2@! -2%.%7R%7%0/42.! -%)*()! 31! /2)**2! -(7(&! 4()*0(2()! =()*! -(5(/! &%)(420! 0%4%/(!(52!5()H()*!'%4&+(/()!dIQQQ!/:)!(/(+!7%'2;I!!!

\(&+)F! 0(4%)(! /(&5(0)=(! (-(! 0:)@720! ()/(4(! '%4'(*(2! +)-()*R+)-()*! ")-:)%.2(F! 0:).%.2! 18! <%4/+H+()! 1;+.+.! /%4/%)/+! =()*! -22-%)/2@20(.2! -(7(&! \[$3F! .%6(4(! ;+0+&! ;(4+.! -27(0+0()! &%7(7+2! /%)-%4! /%4'+0(I! C(7! 2)2! -(5(/! &%)*%)=(;0()! &2)(/! .%0/:4! .E(./(I! ! #%'('! 2/+F! /2&! 0:).+7/()! ")-""! /2-(0! &%&(.+00()! 4%0:&%)-(.2! /%)/()*! 0:).%.2! 0%4%/(! (52! '%4/+H+()! 0;+.+.! /%4/%)/+! -(7(&! '%4'(*(2! $(0(7(;! 1%4H(! =()*! -2.+.+)! +)/+0! &%)-+0+)*! 5%)=%7%.(2()! \[$3I!

(20)

34(0(4.(!V!>-2.2!WL!V!85427F!LQNQ!V!X%4.2!542)/%4R@42%)-7=!V!C(7I!LQ!-(42!LU!

!

\(&+)! /2&! 2)2! (0()! &%&'(;(.! ;(7R;(7! /%40(2/! -%)*()! /%0):7:*2! =()*! .%=:*2()=(! :7%;! A2/H%)0(! -2H(-20()!./()-(4!/%0):7:*2!'(*2!H(7+4!18!'(4+I!!

I.3=/&R.?2E=F=/&Y2&W26=/<&K/614>32&

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d! 5%4.%)! 5%4! /(;+)F! 34:-+0! A:&%./20! <4+/:! M3A<O! (0()! '%4725(/! -+(! 0(72! -(7(&! NQ! /(;+)! -()! '%4725(/!%&5(/!0(72!.(&5(2!/(;+)!LQPQI!!92)*0(/!5%)-(5(/()!.%-%&202()!4+5(!'%420+/!0%5(-(/()! 5%)-+-+0F! 0%&+)*02)()! '%.(4! (0()! &%)-+0+)*! 5%&'()*+)()! 0%4%/(! (52! '%40%6%5(/()! .()*(/! /2)**2! -2! (/(.! LaQ! 0&! 5%4! H(&! .%5()H()*! 0:42-:4! D(0(4/(R#+4('(=(I! 3%&'()*+)()! 2)2! (0()! &%&%47+0()!54(.(4()(!'(4+!.(&(!.%0(72!-2!(/(.!0%7+4+.()!/%452.(;I!!3%4%)6()(()!=()*!;(/2R;(/2! &%)=(4()0()! (*(4! &+7(2! .%0(4()*! -27(0+0()! 7()*0(;! +)/+0! &%&5%4.2(50()?! 7(;()! =()*! (0()!

-2*+)(0()! .%'(*(2! H(7+4! 18! M("50$#M,8MI)3OO! 5%47+! -22-%)/2@20(.2F! -()! 54:*4(&! +)/+0!

&%)6(-()*0()!7(;()!=()*!-25%47+0()!+)/+0!5%&'()*+)())=(!5%47+!.%*%4(!-27(0.()(0()I!

3%)2)*0(/()! /%0):7:*2! .%&(/(! /2-(0! (0()! &%E+H+-0()! .2./%&! 18! =()*! '%4/+&'+;! .+'+4! -()! '%4.(2)*! -2! ")-:)%.2(I! ! \(&+)! -2*('+)*! -%)*()! 0%'2H(0()! -()! 5%4%)6()(()! =()*! /%5(/! ;(7! 2)2!

(0()!&%)H(-2!'(*2()!5%)/2)*!-(42!G2.2!5%40%4%/((52()!")-:)%.2(!=()*!-24%G2/(72.(.2I!!!

SA:A:AZ'

D>' <%#%($)' /)"**3)' -)/)&' /)I)$)*' "*#+%6#"' "*"' &%/"+1$"' +%*1/"#' -"7)*$1' ,/%0' #$)8' @%&%*$%(")*' <%(0171*5)*'3)6*"'[,**3'V)0%*-("'-)*'A*-"'-)("'\"$2%*6)>'

Referensi

Dokumen terkait

Tujuan penelitian ini adalah (1) menganalisis pemahaman petani (aspek pengetahuan, sikap dan keterampilan) dalam melaksanakan budidaya tanaman padi sistem jajar

Peningkatan hasil belajar IPA melalui model pembelajaran Contextual Teaching and Learning (CTL) pada siswa kelas V MI Raden Intan Wonodadi Kecamatan Gadingrejo Kabupaten

Aspek isi/materi, yang umumnya dinilai berdasarkan kesesuaiannya dengan kurikulum, relevansi materi tersebut dengan tujuan pendidikan, kebenarannya dari segi ilmu bahasa dan ilmu

Klik tombol “Cetak Excel” untuk menampilkan laporan Rekapitulasi Kegiatan, Selanjutnya akan tampil pilihan untuk : membuka file atau menyimpan file seperti terlihat

1 ) mematuhi ketentuan operasional sebagaimana telah diatur dalam Surat Edaran Menteri Perhubungan Nomor SE 14 Tahun 2020 sebagaimana telah diubah dengan Surat Edaran

Analisis Sederhana Mengenai Peran Sektor- Sektor Ekonomi (Kereta api dan Angkutan Darat), yang ditelaah peranannya terhadap penciptaan nilai tambah, pendapatan

Penelitian ini dilakukan untuk mencapai tujuan yang berkaitan dengan permasalahan yang telah dirumuskan tujuan penelitian ini adalah untuk melihat dan

[r]