<![CDATA[Abstrak Penelitian ini bertujuan menganalisis posisi ekonomi politik Indonesia dalam Global Value Chain (GVC) jasa haji dan umrah, khususnya pasca-implementasi Visi Saudi 2030. Dengan mengadopsi metode kualitatif Neuman dan berlandaskan lensa interdependensi asimetris, studi ini mengupas fenomena yang dikenal sebagai ATM Religi atau kebocoran devisa nasional. Hasil studi mengindikasikan bahwa Indonesia berada di posisi konsumen hilir dan hanya merealisasikan investasi langsung Badan Pengelola Keuangan Haji (BPKH) secara marginal, yaitu 0,24% dari total aset hingga Juni 2025. Hambatan utama upgrading fungsional Indonesia adalah ketidakseimbangan resiprositas dan ketergantungan energi, yang menjadikannya tertinggal dibandingkan model kemandirian aset Tabung Haji Malaysia. Oleh karena itu, studi ini merekomendasikan perlunya "penyambungan ulang" (rewiring) rantai nilai. Hal ini dapat diwujudkan melalui akselerasi investasi langsung BPKH pada aset-aset produktif di Arab Saudi. Selain itu, diplomasi haji Indonesia harus bertransformasi dari sekadar urusan administrasi kuota menjadi diplomasi ekonomi transaksional demi mengamankan kedaulatan ekonomi Indonesia. Kata kunci: Global Value Chain, Value Capture, BPKH, Saudi Vision 2030, Interdependensi Asimetris. Political Economy Analysis of the Global Hajj and Umrah Value Chain: Indonesia’s Value Capture Strategy in Saudi Vision 2030 Abstract This study aims to analyze Indonesia's political economy within the Global Value Chain (GVC) of Hajj and Umrah services, particularly after the implementation of Saudi Vision 2030. Adopting Neuman's qualitative method and based on the lens of asymmetric interdependence, this study examines the phenomenon known as Religious ATM (ATM Religi), or national foreign exchange leakage. The study's results indicate that Indonesia is a downstream consumer and has only realized marginal direct investment from the Hajj Financial Management Agency (BPKH), amounting to 0.24% of total assets by June 2025. The main obstacles to Indonesia's functional upgrading are reciprocity imbalances and energy dependence, which leave it lagging behind Malaysia's Tabung Haji asset self-sufficiency model. Therefore, this study recommends the need for a "rewiring" of the value chain. This can be achieved through accelerating BPKH's direct investment in productive assets in Saudi Arabia. Furthermore, Indonesian Hajj diplomacy must transform from merely quota administration to transactional economic diplomacy to safeguard Indonesia's economic sovereignty. Keywords: Global Value Chain, Value Capture, BPKH, Saudi Vision 2030, Asymmetric Interdependence]]>
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