Prime Minister Nikola Gruevski held a meeting Tuesday in Singapore with his counterpart, Lee Hsien Loong.

Both interlocutors at the meeting expressed content with PM Gruevski's visit to Singapore - the first one since the two countries established diplomatic relations in 1995, the government said in a press release. Gruevski informed the Singaporean Premier that the government of Macedonia, in addition to its strategic goals and foreign policy priorities in terms of EU and NATO membership, was interested in intensifying and improving its cooperation with countries in southeastern Asia, in particularly with Singapore. PM Gruevski praised the development of cordial ties between the two countries, expressing his belief that they would prompt boosted dynamics in several areas.

Referring to economic relations, Gruevski stressed that the Republic of Macedonia had been highly appreciating Singapore's economic rise in the past decades and that its experience would be of vital importance for the country while it was being promoted as an attractive business destination in the region of Southeast Europe.

In this regard, the Macedonian PM said that one of the main priorities of the government was to bolster country's economic state and to attract foreign investments and consequently there was a great interest for improving the business ties with Singapore and for attracting Singaporean investments to Macedonia.

In Singapore, a business forum has been organised in a bid Macedonia's economy, its conditions for running a business and priorities amid the global economic trends to be presented before Singaporean entrepreneurs.

"There is a need to improve the legislation, which will contribute to advancing the relations between the two countries and alleviating economic cooperation," said PM Gruevski, who informed his counterpart on Macedonia's initiative regarding the signing of an agreement avoiding double taxation and protecting against fiscal evasion and an agreement promoting investments between Macedonia and Singapore. On Macedonia's part, an interest was shown for inking an accord for free bilateral trade.

By the end of the meeting, Premier Gruevski said he hoped that government's reforms implemented in several spheres - economy, judiciary, education, administration, fight against corruption and organised crime - as well as the benefits and comparative advantages offered by the Macedonian economy would encourage Singapore's businessmen to instigate enhanced economic collaboration and investments into the Republic of Macedonia.

Both premiers concluded that the visit paved the way for future bilateral cooperation and that there was room for improving countries' ties in the field of education, culture and tourism and in reinforcing mutual economic relations, reads the press release.

Republic of Singapore is a Southeast Asian city-state off the southern tip of the Malay Peninsula.

Together with Hong Kong, South Korea and Taiwan it is one of the Four Asian Tigers. Singapore's economy is considered one of the most innovative, most competitive, the least corrupted and one of  the easiest places in the world for doing business.

The economy heavily depends on the industry and service sectors. Singapore is a world leader in several areas: it is the world's fourth leading financial centre, the world's second biggest casino gambling market, the world's top three oil refining centre. The port of Singapore is one of the five busiest ports in the world, most notably being the busiest transshipment port in the world.