Ukraine needs about 160 billion euros to modernize and reorganize the economy for implementation of the competitive trade turnover with the EU countries, Azarov told reporters in Donetsk on Saturday, the Ukrainian Cabinet reported on its web site.

At the same time, Azarov said Ukrainian authorities are doing everything they can to resume trade turnover with Russia.

"The resumption of trade turnover is the key issue for us. The president and the government are doing everything possible to find solutions to it," he said.

Azarov reiterated that the measures taken by the government to diversify Ukrainian exports are long-term and "cannot be implemented in the short-term perspective."

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