National competitiveness has been regarded as one of the most critical issues for a country to attract foreign investments and enhancing economic development. Previous studies tended to evaluate national competitiveness from the perspective of developed countries while developing countries are given scant attention. This study attempts, firstly, to build a measurement model of national competitiveness and, secondly, to evaluate the national competitiveness of Malaysia through a series of expert interviews and questionnaire surveys. The results of this study indicate that, for most of the measurement items, the perceived achievement levels of Malaysia are higher than those of Thailand but lower than those of Singapore. In terms of economic resilience, financial resources, social responsibility, industrial relations, recognition to enterprise identity and ethical practices, Malaysia is perceived to have a higher achievement level than Singapore. The model developed in this study is useful for other countries to evaluate and improve their competitiveness through benchmarking, while at the same time providing potential investors with valuable information for investment purposes.