Irish premier Enda Kenny said it was a significant step.
"Led by Minister for Jobs, Enterprise and Innovation Richard Bruton, his Northern Ireland counterpart Arlene Foster, and British Transport Minister Stephen Hammond, the trade mission aims to pursue trade and investment opportunities in the aviation sector."
Billions of pounds are invested in Singapore by UK businesses, while the UK attracts two-thirds of Singapore's foreign direct investment into Europe.
Major past investors in the East Asian country include Rolls-Royce. The West Sussex-based firm's aeronautical production facility opened in Singapore in 2012.
Mr Kenny last met Northern Ireland's First and Deputy First Ministers, Peter Robinson and Martin McGuinness in Japan in early December, where they were separately promoting trade and investment "to the benefit of both jurisdictions".
The Taoiseach told the Dail parliament in Dublin that administrations in the Irish capital and Belfast had committed to working for greater cross-border economic cooperation to accelerate the process of recovery and the creation of jobs on the island.