KATHMANDU: Nepali entrepreneurs are waiting for political stability to apply the Social and Ecological Market Economy (SEME) model which is believed to have reduced economic distress in many countries of the world.

"This model can work wonders as it caters to all needs of various sectors of the nation. We just need to resolve political differences to put this model to use. It can generate a great deal of good for the national economy," said Padma Jyoti, chief of Jyoti Group of industries.

SEME, looks at sustainable development of the economy with the

government, civil society, entrepreneurial sectors and trade unions

jointly working as a direct force to balance out any differences. The social market economy is a system of countervailing powers through which a dynamic equilibrium is created.

"This model has been used extensively in many countries and has been a huge success. Chile as an example would serve best as now it is one of the quickest developing countries" said Dr Dieter W Benecke, expert on SEME.

According to Dr Benecke, SEME is best suited to countries in a transition period, and most applicable to countries facing a crisis situation. He added that in such a mode government is given as much power as necessary and civil society along with other financial institutions are given equal roles to provide sustainable and inclusive growth.

"When implemented, SEME could bridge the gap among all sectors of the market and create the balance that is needed. We are looking into the scope for lobbying for this process after the constitution formation," added Jyoti.

Many European countries as well as a number of countries elsewhere are adopting SEME

model and reaching strong levels in sustainability and solidarity.