More than 70 Korean and Indian CEOs and entrepreneurs came together last week to discuss unprecedented business opportunities in the rapidly developing South Asian nation.

The Indian Chamber of Commerce in Korea and the Indian Embassy held a business forum in Seoul on May 7.

Speaking at the event, Indian Ambassador Vishnu Prakash highlighted India’s investment plans for $1 trillion in infrastructure development by 2017. He invited Korean companies to partner with their Indian counterparts to bid for and execute infrastructure-related projects.

Korean firms are already taking advantage of India’s $450 billion consumer market and growing middle class of 300 million people. More than half of the home appliances market in India and 20 percent of the small cars segment is already dominated by Korean companies. And following the Comprehensive Economic Partnership Agreement, bilateral trade is growing rapidly and is predicted to reach $40 billion by 2015.

But the embassy said that there was still untapped potential for cooperation between Korean and Indian SMEs.