The Ukrainian government has drawn up plans to invest $25 billion in projects to modernize the country's economy in the next three years, Ukrainian Prime Minister Mykola Azarov said on Wednesday.

"A database of 125 regional strategic industrial projects valued at 200 billion hryvnias (about $25.2 billion)as well as 714 investment projects on economic and social development to the total amount of about 900 billion UAH, has been set up" Azarov said at a cabinet meeting on Wednesday.

The premier also named a number of development projects initiated and supported by the government

"The government will initiate and support the development of offshore oil and gas fields, which may facilitate extraction of 10 billion cubic meters of gas," Azarov said."Production of the Antonov An-140 and An-148 regional airliners, the reduction of energy consumption by smelters and high technology development will be among priority investment projects."

According to Azarov then comes the construction of the processing and storage complexes for agricultural products (gross markets) in the central, western and southern parts of Ukraine which will enable to regulate domestic food prices by means of market mechanisms and improve the export potential of domestic agricultural products especially under the conditions of significant rise of world demand.

The goverment will also pay close attention to the metallurgical complex which includes replacing of energy efficient production of steel and metal-roll with energy effective one at an open corporations “Zaporizhstal” and “Donetsk metallurgical plant” that will significantly reduce  the cost of metal-roll for domestic market. According to the PM, this, first of all, will encourage the development of the building sector and improve the competitiveness of metallurgical production.

Some of the investment projects will be financed by EU, Russian and international financial structures, he said.

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