The chief executive officer of International Enterprise (IE) Singapore, Mr Lee Ark Boon, is leaving on Dec 31 and joining the private sector, the Ministry of Trade and Industry (MTI) said yesterday.

The trade agency's current deputy chief executive Kathy Lai will be appointed acting CEO with effect from Jan 1, until the formation of Enterprise Singapore in the second quarter of next year.

It was announced in September that IE Singapore and Spring Singapore would be merged to create a single agency, Enterprise Singapore, which will help companies to grow and internationalise.

IE Singapore has been promoting international trade and partnering Singapore companies to go global, while Spring has been helping local start-ups and small and medium-sized enterprises develop in areas such as financing and innovation.

Mr Lee was appointed CEO of IE Singapore in February last year. Under his leadership, the agency led initiatives to strengthen the infrastructure ecosystem and transform the wholesale trade sector, said MTI. He played a key role in expanding IE Singapore's presence in new markets such as Nairobi, the capital city of Kenya, and Manila.

He also stepped up collaboration with regional governments and facilitated Singapore's participation in government-to-government projects, including the Chongqing Connectivity Initiative and the Andhra Pradesh Capital City Project, MTI added.