The Real Value of a Data Centre Lies Beyond Its Walls.

← Back to insights

Perspective

A different way to measure economic transformation

For decades, economic development has been measured through three familiar indicators: investment, GDP growth and jobs.

They remain important measures of economic progress. Investment brings capital into an economy. GDP reflects the value generated through economic activity. Employment creates income, opportunities and livelihoods.

But as the world enters the age of artificial intelligence, we need to ask whether these indicators, on their own, adequately capture the value of the infrastructure supporting this transformation.

Consider a modern AI-ready data centre.

It can require substantial capital investment, sophisticated engineering, significant electricity capacity and highly specialised technical expertise. Yet once operational, it may employ relatively few people compared with a traditional manufacturing facility of similar investment value.

Measured purely by the number of permanent jobs created, it may appear less attractive.

But that would miss a much bigger economic story.

A data centre is not simply a building filled with servers. It is infrastructure that can enable thousands of businesses to adopt cloud computing, deploy AI, process information, develop new products and improve productivity.

The real value of a data centre is not what we put inside the building. It is what we enable outside it.

That distinction should influence how governments, investors, developers and operators assess the next generation of digital infrastructure.

The investment numbers are impressive. But they are only the beginning.

Malaysia has emerged as a significant destination for data centre investment.

According to the Malaysian Investment Development Authority (MIDA), Malaysia recorded RM385.7 billion in data-centre-related investments between 2021 and the first half of 2026.

These figures reflect the scale of investor interest in Malaysia's digital infrastructure ecosystem.

But an investment announcement is not the same as economic value creation.

Capital commitments must first translate into projects. Projects must be financed, developed, constructed and commissioned. Once operational, the infrastructure must attract customers and support productive economic activity.

Each stage creates different forms of value.

Construction generates demand for engineering, equipment, professional services and local suppliers. Operations require specialised facilities management, electrical engineering, cooling systems, cybersecurity and maintenance capabilities.

Beyond these direct activities lies the larger opportunity: the businesses and industries that can use the infrastructure to become more competitive.

This is why the conversation should evolve.

The question is not simply how much investment we attract. It is how much lasting economic value that investment enables.

The jobs equation is changing

Traditional industrial development has often placed considerable emphasis on direct employment creation.

A new manufacturing plant may employ hundreds or thousands of workers. Its employment contribution is visible and relatively straightforward to measure.

Data centres have a different employment profile.

They are capital-intensive, technology-intensive and increasingly automated. Their direct operational workforce is generally much smaller than that of many labour-intensive industries.

But their employment contribution extends beyond the facility itself.

A 2025 economic impact study by KPMG, commissioned by the Asia-Pacific Data Centre Association, estimated that Malaysia's data centre industry supported approximately 4,400 jobs across the economy in 2024.

Under the study's baseline projection, this could increase to approximately 30,900 jobs by 2030, including around 7,300 direct operational jobs and 23,600 indirect and induced jobs.

The study also projected approximately 4,300 high-value knowledge roles by 2030.

These are industry-wide modelled estimates, not guaranteed employment outcomes.

Nevertheless, they illustrate an important point: the economic contribution of digital infrastructure extends across its supply chains and supporting industries.

The distinction is not that jobs have become unimportant.

It is that the quality, capabilities and wider economic effects of those jobs deserve as much attention as their quantity.

An engineer maintaining mission-critical power systems, a specialist designing advanced cooling infrastructure or a cybersecurity professional protecting digital services represents an investment in national technical capability.

And capabilities, once developed, can extend into other sectors of the economy.

From creating jobs to enabling productivity

There is another dimension that may ultimately be more significant.

Productivity.

The long-term prosperity of an economy depends not only on how many people it employs, but also on how much value those people and businesses can create.

Digital infrastructure helps provide the foundation for that transformation.

Consider a Malaysian manufacturer adopting AI-assisted quality inspection to reduce defects.

Or a logistics company using predictive analytics to optimise fleet movements and delivery schedules.

Or a healthcare provider using cloud-based systems to improve the management and accessibility of medical information.

These applications depend on more than data centres alone. They also require software, connectivity, reliable data, skilled people, investment and organisational readiness.

But without access to dependable computing infrastructure, the ability to deploy such technologies at scale becomes more difficult.

The World Bank's 2026 World Development Report, The Promise of Artificial Intelligence, identifies computing infrastructure, reliable electricity, connectivity, data, skills and institutions as essential foundations for countries seeking to benefit from AI.

The opportunity is therefore not simply to host computing capacity.

It is to help create the conditions in which businesses can use that capacity productively.

A country does not become an AI economy merely by building data centres. It becomes one when its businesses, industries and institutions use digital capabilities to create greater value.

The economic multiplier must be earned

It is tempting to assume that every large data centre investment automatically produces substantial economic spillovers.

That would be a mistake.

The benefits depend on how projects are structured, developed, operated and connected to the wider economy.

A facility that relies heavily on imported equipment, external contractors and overseas services may generate a different domestic economic contribution from one that actively develops Malaysian suppliers and technical capabilities.

Likewise, hosting international computing workloads does not automatically mean local businesses will adopt AI or gain access to affordable computing services.

The infrastructure creates an opportunity. Turning that opportunity into national economic value requires deliberate action.

There are several practical ways to strengthen this connection.

Develop local supply chains. Create opportunities for Malaysian engineering firms, electrical contractors, cooling specialists, equipment suppliers and professional services providers to participate in the industry's growth.

Build technical capabilities. Support specialised training and knowledge transfer in facilities management, electrical systems, advanced cooling, cybersecurity and other high-value disciplines.

Enable digital adoption. Encourage partnerships that help local enterprises access cloud services, computing resources and AI capabilities.

Strengthen energy infrastructure. Align digital infrastructure development with reliable, commercially competitive and increasingly sustainable energy systems.

Measure outcomes. Track the actual investment deployed, domestic value added, supplier participation, technical employment, operational capacity and downstream economic activity.

These outcomes will not emerge equally from every project.

They must be planned, supported and measured.

A broader scorecard for the AI economy

If we want to understand the real economic impact of data centres, we need a more complete scorecard.

Investment, GDP and jobs should remain part of that framework.

But they should be complemented by additional measures.

These measures are related, but they should not be confused.

A megawatt of installed capacity is not a measure of GDP contribution. A ringgit of investment is not automatically a ringgit of economic value added. And a projected employment multiplier is not the same as jobs already created.

Good economic policy requires us to distinguish between inputs, outputs and outcomes.

We should celebrate investment commitments. But we should measure success by the value they ultimately create.

Malaysia has an opportunity to build more than capacity

Malaysia's strategic location, engineering ecosystem, digital connectivity and established industrial base provide a platform for participation in the growth of AI infrastructure.

But the opportunity extends beyond becoming a preferred location for data centre investment.

The greater ambition should be to develop an ecosystem in which digital infrastructure supports local businesses, technical capabilities, innovation and productivity.

That requires coordination between infrastructure developers, operators, energy providers, technology companies, universities, investors and government.

It also requires a long-term perspective.

The construction of a data centre is a milestone. Its commissioning is another. But its economic contribution continues through the services it provides, the businesses it supports and the capabilities it helps develop.

For Malaysia, the objective should not be to win a race measured only in megawatts.

It should be to ensure that the infrastructure being built today helps strengthen the competitiveness of tomorrow's economy.

From infrastructure development to economic transformation

At Perintis Akal, we approach digital infrastructure through the lens of long-term value creation.

Our focus is on developing and operating AI-ready data centres, bringing together commercial expertise, strategic partnerships and execution capabilities to advance infrastructure projects.

This approach is informed by our roots in the PEMANDU ecosystem, where economic transformation has always been closely associated with measurable outcomes.

We believe that the same discipline should apply to digital infrastructure.

The infrastructure must be commercially viable. It must be technically resilient. It must serve customers reliably. And wherever possible, it should contribute to a wider ecosystem of investment, skills, innovation and economic opportunity.

Our role as a developer and operator is to help establish that foundation.

We do not claim that a single data centre will transform an economy.

But we believe that well-planned, responsibly developed and effectively operated digital infrastructure can play an important role in enabling that transformation.

The measure of success

Ten years from now, the success of today's data centre investments should not be judged solely by how many facilities were built, how many megawatts were commissioned or how much capital was announced.

Those figures will tell us how much infrastructure we developed.

They will not, on their own, tell us what the infrastructure achieved.

The more meaningful questions will be different.

Did our businesses become more productive?

Did we develop stronger technical capabilities?

Did Malaysian companies participate in higher-value supply chains?

Did our industries become more competitive?

Did the infrastructure help create new economic opportunities?

And did we build a stronger foundation for the next generation?

These are the outcomes that matter.

Because the true measure of infrastructure is not merely what we build. It is what we enable.

The views expressed reflect Perintis Akal's perspective on digital infrastructure and economic development. Industry projections cited in this article should not be interpreted as forecasts of Perintis Akal's own project performance.

References

1. Malaysian Investment Development Authority (MIDA), MIDA Charts Next Phase for Malaysia's Data Centre Sector: From Attracting Investment to Building Value for SMEs and Malaysians, October 2026. https://www.mida.gov.my/media-release/mida-charts-next-phase-for-malaysias-data-centre-sector-from-attracting-investment-to-building-value-for-smes-and-malaysians/
2. Asia-Pacific Data Centre Association and KPMG, Malaysia Data Centre Economic Impact Report, July 2025. https://www.apdca.org/malaysia-data-centre-economic-impact
3. World Bank, World Development Report 2026: The Promise of Artificial Intelligence. https://www.worldbank.org/en/publication/wdr2026
4. World Bank, Building Data Infrastructure for AI Readiness, May 2026. https://www.worldbank.org/en/results/2026/05/06/data-infrastructure-for-ai
5. Ministry of Investment, Trade and Industry, Data Centre Investments Drive Broad Economic Benefits, July 2024, via MIDA/Bernama. https://www.mida.gov.my/mida-news/miti-data-centre-investments-drive-broad-economic-benefits/