One is Mr Lodewijk Christiaan van Wachem, who, for more than a decade, has been persuading European investors to sink billions into Singapore.
Mr van Wachem, Chairman of the Supervisory Board of the Royal Philips Electronics in the Netherlands, was instrumental in setting up Singapore's giant petrochemical plant, Seraya Chemicals. Because of him the Royal Dutch Petroleum Company made a huge investment in the Pulau Bukom refinery.
Sir Richard Brook Sykes, 62, Rector of Imperial College of Science, Technology and Medicine, London, is the other award recipient.
As chairman of Singapore's Biomedical Sciences International Advisory Council, he had been key in guiding major biomedical science initiatives in Singapore for over a decade.
These include the setting up of the Genome Institute of Singapore, where researchers are doing cutting-edge research in the life sciences, and the Biopolis, a biomedical business park.
The award represents the highest level of recognition from the Singapore government for international talent.
Mr van Wachem gets his in November, while Sir Richard will be presented with it this month.