COLOMBO, Jan. 23 -- Sri Lanka and Singapore on Tuesday signed a Free Trade Agreement (FTA) aimed at boosting trade and investment between the two countries.

The signing of the FTA took place following bilateral discussions held between the visiting Prime Minister of Singapore Lee Hsien Loong and Sri Lankan President Maithripala Sirisena in Colombo.

The Singaporean prime minister arrived in Sri Lanka for a three-day official visit on Monday on an invitation extended by the Sri Lankan president.

"The Free Trade Agreement will boost the trade between the two countries as this would facilitate duty-free access to selected goods and services of each other," Sri Lankan President's Office said in a statement.

Some of the areas set to benefit from the FTA include information and communications technology, real estate, hospitality and tourism, as well as energy and logistics.

A 35-member business delegation is accompanying the Singaporean prime minister to Colombo. During his stay, the prime minister is expected to attend a business forum where leading investors and businessmen from both Sri Lanka and Singapore will take part.