The Indo-Korean bilateral trade was expected to touch $10 billion (about Rs 45,000 crore) in 2006 as the first quarter of the year reported a 50 per cent growth  at $2.3 billion, (about Rs 9,500 crore), said Choi Jung Il, ambassador of the Republic of Korea.

Jung Il said there were 200 small and medium sized Korean companies in India, of which 35 are located in Chennai.

Inaugurating the first Indo-Korean Cultural and Information Centre here today, the ambassador said that with the vice-chancellors of Madras University, Bombay University and Delhi University visiting Korea, there were concrete plans to have exchange programmes with Korean Universities.

The focus of the centre will be to strengthen the economic and trade partnership of both the countries and also to diversify the cultural and academic interests of both the countries.

Venu Srinivasan, managing director, TVS Motors, and also the honorary consul general of Korea, said there were about 1,000 Korean families residing in Chennai making them the largest foreign community living in an Indian city.

He attributed the phenomenon to the geographical proximity of Hyundai manufacturing plant located in Sriperumbudur, a suburb of Chennai.

The cultural centre is jointly promoted by Hyundai Motor India along with TVS group and Korean Association.