part of the Egyptian economy. The Nile River provides Egypt with some of the most fertile land in the Middle East. It produces food for consumption and export as well as cotton for domestic and foreign textile production. Egypt's other great resource is the Suez Canal. Roughly 7.5% of global sea trade transits the canal providing Egypt revenues in excess of $3 billion annually. Egypt's industrial base dates to the 1960s, when the nation undertook import substitution industrialization policies. The inefficiencies of the state-run program have led the government to begin a privatization program and as a result Egypt enjoyed substantial GDP growth in the first decade of the 21st century. It has also taken advantage of Qualifying Industrial Zone to expand trade relations with the United States. Despite these developments Egypt remains an underdeveloped country with a per capita GDP of $5,500. The Egyptian Commodities Exchange is the first electronic exchange in the MENA (Middle East and North Africa) region, abolishing a monopoly and allowing small farmers to trade at reasonable market prices. Iran Iran has one of the largest economies in the Middle East. It is the world's 18th largest by PPP. Iran's major industries are largely state-owned. The nature of the Iranian state-owned enterprises has led to a degree of inefficiency. Iran ranks 69th out of 139 in Global Competitiveness Report. Iran has been able to subsidize inefficient industry with its large oil revenues, and maintain respectable growth rates. The nature of the state-driven economy has led to significant brain drain in recent years as educated Iranians seek opportunities abroad. Consequently, Iran has begun a privatization effort in order to stimulate trade in accordance with its ongoing five-year plan, and has also undertaken an ambitious economic reform plan. The chief advantage that Iran's capital market has in comparison with other regional markets is that there are 40 industries directly involved in it. Industries, including the automotive, telecommunications, agriculture, petrochemical, mining, steel, iron, copper, banking and insurance, financial mediation and others trade shares at the Tehran Stock Exchange, which makes Iran unique in the Middle East. Iran has a high potential to become one of the world's largest economies in the 21st century. In 2018 Gottfried Leibbrandt, chief executive of SWIFT, said in Belgium that some banks in Iran would be disconnected from this financial messaging service. On 13 November 2018 International Monetary Fund released a report and