Seoul, Dec 4 (IANS): An Institute for Indian Studies Korea (IISK) was inaugurated here Wednesday to help South Koreans understand India better as the country becomes a major magnet for Korean businesses.

The event was inaugurated by Sangbong Oh, president, International Institute of Trade of the Korea International Trade Association. In his address, Sangbong Oh said the Indian market would become the biggest in the world by 2030 followed by China and the US. By 2025, the Indian middle class was expected to cross 580 million.

Speaking on the occasion, Indian Ambassador Vishnu Prakash expressed great happiness at the founding of the institute during the 40th anniversary year of establishment of diplomatic relations between India and South Korea and weeks before the state visit of President Park Geun-hye to India.

Vishnu Prakash hoped that it would become a symbol of India-South Korea cooperation, serving as a window for everyone interested in enhancing engagement with India.

Headed by Ok-soon Lee, the institute brings together a large number of Korean academics, economists and business representatives.

Ok-soon Lee, who studied at Delhi University in the late 1980s, has authored a number of books on India, including "There is no curry in India" which has become a best seller with over 200,000 copies sold. Last month, she published another book "India is strong" which has been received very well.

The opening ceremony was followed by a day-long business seminar, which saw the participation of over 110 South Korean companies.