The exact opposite can also be true, so not much is being said here. Try being late to a meeting in Germany or Japan. It is disrespectful.

Are there any highly developed countries where the business culture is still "non-punctual"? I struggle to think of any. In short, if you have two businesses side-by-side, and one operates more punctually, then it will probably out-compete the other. To be clear, I'm not talking about social culture. Yes, Italians might be late by an hour to go to dinner with friends, but I doubt people in Milan will be so late to a sales meeting with client.