As of February 2015, the economic system of modern Egypt is based on free market capitalism. It is an important trading partner for many European and Middle Eastern countries.
The economy of Egypt was once heavily centralized under the control of the government of Abdel Nasser. Following the Presidencies of Anwar el-Sadat and Hosni Mubarak, Egypt's economy was greatly liberalized. Today, it is welcoming of foreign investment and has growing economic ties with Turkey, India and its largest trading partner, the European Union. Tourism continues to be an important industry, but has been hurt in recent years by political instability.