Every agency publishes what it won. Malaysia publishes what happened next.

Investment promotion has a measurement problem that everyone in the profession knows about and almost nobody fixes. Agencies are funded, judged and rewarded on what they announce. The announcement is a promise: a board decision, a letter of intent, an approved incentive package, a number read out at a podium. Whether the plant gets built is somebody else's problem, usually two ministers and three years later. The gap between the two is where credibility quietly drains away, and it is why finance ministries have grown sceptical of promotion budgets.

Malaysia has started closing that gap in public. At its annual media conference in March, the Malaysian Investment Development Authority reported RM426.7bn of approved investments for 2025, an 11% rise and the highest on record, across 8,390 projects with 244,902 jobs attached. That is the headline any agency would lead with. What MIDA did next is the interesting part. It reported that of the 4,848 manufacturing projects approved by the National Committee on Investment between 2021 and 2025, 84.9% have reached some stage of implementation, whether producing, building the factory or installing machinery. Twelve per cent are still in planning, working through site selection and developer talks. And 3.1% were abandoned outright.

Consider what it takes to publish that last figure. Every abandoned project was once a win. Somebody flew to a headquarters, negotiated a package, secured a signature and put out a release. To then go back and mark it as dead, in an official document, in front of a press corps and an opposition, is an act of institutional self-discipline that most promotion agencies would never survive internally. MIDA also disclosed that projects approved in 2025 are only 62.2% implemented, which sounds bad until you note the agency's own explanation: manufacturing projects typically need 18 to 24 months to move from approval to ground, so a fresh cohort should look unfinished. That, too, is a number that invites attack and holds up under it.

The discipline exists because Malaysia was forced into it. Local economists have spent years pointing out that MIDA's approved foreign investment is not the same thing as the foreign direct investment the statistics department records in the balance of payments, and that conflating the two flatters the government. It is a fair criticism, and MIDA now prints an explainer of the difference at the bottom of its own press releases. The realisation rate is the answer to the criticism. If you are going to report approvals, you owe the public an account of how many of them turn into concrete.

The measurement then changes the behaviour, which is the real argument for it. Once an agency is accountable for realisation rather than approval, everything downstream of the signature stops being someone else's job. Malaysia's answer is a stack of facilitation machinery that only makes sense if you are being graded on completions: the National Committee on Investment, the Invest Malaysia Facilitation Centre, an Investment and Trade Coordination Action Committee, a data centre task force run jointly with the digital ministry, and a talent facilitation task force pulling in 17 ministries and academic institutions because the projects were stalling on engineers. None of that is glamorous. All of it exists to move projects from the 12% column to the 84.9% one.

There is a caution here, and practitioners should hold it alongside the praise. A realisation rate can be gamed as easily as any other metric, by defining implementation loosely, by quietly dropping projects from the denominator, or by approving only the safe ones. Malaysia's own categories are broad: machinery installation counts, and so does factory construction. But a soft number published is still worth more than a hard number withheld, because publishing it creates a constituency inside the agency for the boring post-approval work that nobody gets promoted for. Most agencies could construct their own version this quarter from files they already hold. Very few will, because the first honest answer is likely to be embarrassing. That is exactly why it is worth having.