General Motors has inked an agreement of intent with Russia’s Economic Development Ministry to set up expanded industrial vehicle assemblage on new terms, GM said in a statement.

This agreement lays the foundation for a future agreement to be made before May 31, 2011 concerning the organization of new or the modernization of existing GM production facilities in Russia, the company said. GM is also setting itself the goal of reaching a production level in Russia of an annual 350 000 automobiles and localizing its components base by 60 percent, the company said.

The company could achieve that production goal by using either its own production capacity or that of its partners. GM already has a wide range of production opportunities in Russia and several joint projects with Russian automotive producers, GM said.