The medal recognises senior executives for their significant contributions to Singapore's economic growth, and was initiated by the Singapore Economic Development Board (EDB) in 1998.

'I am deeply honoured ... Rolls-Royce has been active in Singapore for more than thirty years and this honour recognises the strength and closeness of our long-term partnership,' Sir John said.

Speaking to reporters after the event, Sir John also shared his thoughts on Rolls-Royce's presence in Singapore.

In Nov 2007, the firm said it would be investing some $320 million to build a facility in Singapore to assemble and test engines for the Boeing 787 and Airbus A350 XWB. But Sir John said that the projected 2009 date for it to be fully operational had been delayed to about 2011.

'It's not operational at this stage. It's timed to coincide with the entry into service of Boeing 787 and the Airbus A350.'

He explained that delivery of the 787 had 'been delayed so that delayed the facility a little bit'.

But on the positive side, recruitment for the slated 330 people for the facility was still on-going. 'You have to take them on early and train them,' Sir John said, adding that the firm's existing facilities would be used for the training.

Sir John also said that the firm's engine maintenance, repair and overhaul specialist Singapore Aero Engine Services Limited (SAESL), a joint venture company which it owns together with SIA Engineering, is undergoing a $60 million extension.

Its size will be increased by two-thirds and production by 25 per cent. SAESL currently employs 790 people and when the expansion is completed, it will be hiring an additional 110 employees.

Read the full report in Friday's edition of The Straits Times.