Singapore gained access to independence sixty years ago. Since then, in order to improve its economic growth, the country went through many economic development plans, and nowadays the success of the past economic policies, made Singapore a diversified economy, where industrial development is its milestone. The Singaporean government and foreign companies played a very important role in the history of its economic development. From the status of colony with a fragile economic structure, to a diversified economy after the independence, industrialization is the cornerstone of Singapore¡¦s economic transformation. Industrialization made Singapore become a newly industrialized country with petrochemical industry as the most important industry. Singapore Economic Development Board was established in 1962, and after its establishment a series of domestic economic planning were implemented. Subsequently, the JTC was created to manage the entire country¡¦s industrial Affairs. Via an efficient planned economy by the governmental institutions, the Jurong Industrial park gradually developed and helped Singapore to reach its industrial development¡¦s objectives. In the process of promoting the development of the petrochemical industry or the global industry, it is evident that Singapore¡¦s government followed the pattern and specificities of the developmental sate, by the combination of economic planning institutions, an outstanding bureaucracy, and Multinational Corporations, Singapore managed to develop the petrochemical industry which became the country¡¦s most important industry.