Describing the meeting as positive, constructive and fruitful, Banerjee said West Bengal and Singapore governments will jointly set up a Business Centre in Kolkata in 18 months.
Lee has been invited to inaugurate the centre.
Banerjee, who arrived here yesterday on her first overseas visit after assuming office in 2011, said she talked with Lee about the land bank, land map and power bank of the State.
"We have invited Mr Lee to visit our State. We told him about the progress made by Changi Airport in the construction of Andal airport," she said.
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"We told Mr Lee that we want to create a Chair at Calcutta University in the name of his father and the first Prime Minister of Singapore, Lee Kuan Yew. We want to develop the relation between Bengal and Singapore in a more cordial manner," she said.
According to Banerjee, Lee inquired about the multi- national corporations (MNCs) working in West Bengal, like those from Japan.
She told Lee to about investment opportunities in her state.