Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya says the economy is rising and heading for a major transformation and the agriculture sector is giving impetus to this economic revival.

Addressing a delegation from the Ministry of Higher and Tertiary Education, Science and Technology Development, vice chancellors from all universities and Verify Engineering management team after visiting Harare Institute of Technology’s (HIT) industry incubation unit, Verify Engineering gas project at Feruka in Mutare, Dr Mangudya challenged Zimbabweans to rise up and rebuild the economy.

He said Verify Engineering’s liquid fuel project fits well with the value addition and beneficiation of the ZIM ASSET cluster which will lead to import substitution.

Dr Mangudya said focus is to transform the country from being a retail economy to a productive economy, adding that this will reposition Zimbabwe to become a major economic power house.

Speaking at the same occasion, the Minister of Higher and Tertiary Education, Science and Technology Development Professor Jonathan Moyo commended the HIT saying their projects are a true realisation of the benefits of the STEM initiative.

Acting chief executive officer for Verify Engineering, Engineer Pedzie Tapfumaneyi said the company has just commissioned the air separation unit which produces 16.5 tonnes of liquid oxygen and more than 20 tonnes of gaseous oxygen daily.

He said the company requires US$2.6 million to complete the commissioning of the two plants and to acquire the necessary distribution structure.

University of Zimbabwe vice chancellor Professor Levi Nyagura said industries should come out of universities and called for universities to pursue industrial incubation programmes in order to revive some of the key sleeping entities.

Verify Engineering which is now an integral part of HIT was established in 2005 by the government as a special purpose vehicle to pursue alternative sources of energy.

Over the years the company has designed a 5 000 litres a day pilot plant, synthesized an iron based catalyst and commissioned an air separation unit before constructing an acetylene plant which is yet to be commissioned.

Once the organisation becomes fully operational it will produce direct products such as fuel, tar for roads, liquid gas for domestic and industrial use, sulphur, ammonia for fertiliser production, carbon dioxide and electricity.