But the basic philosophy was that for a country as large as Indonesia, we must secure the key commodities: food, energy, and water. For water, thankfully, we have plenty in Indonesia; we just need to clean it, transport it, and build the infrastructure to use it. But when we talk about energy, I want to share a little data. We actually have a lot of energy, both produced and potential. For example, our formal documents show that Indonesia's renewable energy potential is around 3,900 gigawatts. To put that in context, PLN today doesn't even reach 80 gigawatts for renewables. So out of our 3,800 gigawatt potential, PLN only has 80. With just renewables, we could essentially build dozens of PLNs.
Hello everyone, welcome back to The Reading Chamber, where we discuss interesting issues from books that might provide relevant lessons for all of you. Today we have a guest. I'm a bit confused how to introduce him—is he a financier, an official, or what? But I'm sure many Reading Chamber listeners already know him. Welcome, Bang Rachmat Kaimuddin.
Thank you for having me. I think it's better if I just introduce myself. Although I'm a bit confused why I need to be introduced again. Thank you, Mas Pras, Mas Pram, for the invitation. I'm Rachmat Kaimuddin. Currently, I serve as the Deputy for Basic Infrastructure Coordination at the Coordinating Ministry for Infrastructure. Previously, I was at the Coordinating Ministry for Maritime and Investment Affairs, and before that, in the private sector. But today, we're not here as officials, but as friends to discuss and dialectically engage.
Bang Rachmat has a very long experience. Where did you graduate from? Oh, why wasn't that mentioned? Where did you study?
First, I'm always proud that I went to SMA Taruna Nusantara for high school. That's why we know each other, because my wife is also an alumna. We've known each other for a long time. Then, I did my undergraduate degree in Electrical Engineering at MIT. So I was trained as an engineer. After that, I worked in management consulting, then went back to school. I shifted my career from engineering to an MBA in management and finance. My career path involved working at various financial institutions. My MBA was from Stanford University.
Don't be half-hearted with us. Be casual. I'm a University of Chicago graduate, you know.
From there, I worked at international and local companies, in private equity, at commercial banks, and in industry. I was at a cement factory and an airport services company. But many people also know me as the CEO of Bukalapak during the COVID era.
That's how I know you, Bang Rachmat.
Yes, during COVID, I was entrusted to replace Mas Achmad Zaky, the founder of Bukalapak. I was there for two years. Then, after the Bukalapak IPO, I received a call to serve the government. The call was, 'What are you waiting for? Come on, work for the government.' For someone from Taruna Nusantara, it's hard to refuse such a call. So I started in government in January 2022. Initially, it was at the Coordinating Ministry for Maritime and Investment Affairs, where I was the Deputy for Infrastructure and Transportation, plus energy transition. Energy transition was relatively new, so my boss at the time asked me to help because we had many deals with Americans. He said, 'You're an American-trained electrical engineer, you deal with them.' So I got involved. In the new administration, my portfolio, except for energy, moved to the Coordinating Ministry for Infrastructure. The ministry was dissolved, and its portfolios were divided. My part moved to the Coordinating Ministry for Infrastructure, except for energy, which went to the Coordinating Ministry for Economic Affairs. I also help with the energy transition team there.
Wow, that's a very long journey. But there's one trivia: Bang Rachmat also attended UI but didn't finish, right?
Oh yes, I did, but only for one semester, so I'm not an alumnus yet. Not a PhD alumnus.
PhD. As the chairman of ILUNI UI, I almost made you an alumnus. We'll find a way to make you one. I think a PhD from Chicago like Mas Pram is not enough. Maybe you should consider getting a PhD at ITB to become an ITB alumnus. Maybe you should reconsider, Bang Rachmat.
Oh, we can look into it. The point is, how can I become a member of ILUNI UI.
So you can be a member of ILUNI. But I'm very happy because your journey has been so long. It's a complete package, from industry, even cement, airport services, tech startups, banking, and now managing infrastructure and energy transitions. Before we get into heavier topics like energy transitions, what is the common thread that has allowed you to gain such trust and succeed in every job?
Honestly, to put it simply, when I'm given a task, I usually go to my boss and say, 'Sir, to achieve success, there are many factors. I can't necessarily control them all. What I promise is two things: first, I won't steal your money.' That's important. 'Second, I have an education and a way of thinking that should be useful. I will try to give my best.' As for the results, I also need help from my bosses. So far, that's what I've always brought to every job. The foundation is open-mindedness and learning, because changing jobs means each one is different. I have a formula for companies: three things to focus on, the rest is detail. First, cash out must be less than cash in. Second, revenue must be greater than cost. Third, ensure your employees are engaged. If you can maintain those three, the rest is just details. Sometimes it gets flipped. For example, in a startup, cash in might not come from operations. So I said, 'Let's try to cut costs.' Don't just spend money to get revenue but have less profit than what you spend. That felt like heresy. We debated it first. That's the framework for business. In government, you have to think bigger, more systemically. What are the national interests? Reducing imports? Increasing exports? Raising GDP? Or from a social aspect, you have to consider many more things, the public's sentiment. The hardest part of being a public official is managing public sentiment. When I joined the government, I told people, 'This is the hardest job I've ever done.'
