A Korean businessperson I recently met had just returned from Taiwan.
She told me something that stayed in my mind. A few years ago, when she visited Taiwan, food and restaurants felt clearly cheaper than in Korea. This time, her impression was different. Food felt more expensive. Restaurants felt more expensive. Even a simple meal seemed to tell another story.
Her conclusion was immediate:
“Taiwan must now be even more developed than Korea.”
I was struck by that conclusion.
Not because it was strange. In a way, I understood it. But it also made me think. How do we judge a country when we travel? What do we look at? What do we notice first?
Often, we look at small daily signs.
The price of lunch. The quality of a café. The look of the streets. The cars. The airport. The way people dress. The speed of service. The confidence with which people spend money.
From those signs, we quickly form a bigger conclusion.
This country is doing well.
This country is expensive.
This country is modern.
This country is ahead.
But is that fair?
Not completely.
Higher food prices do not automatically mean that a country is more developed. Prices can rise for many reasons: wages, rents, tourism, import costs, exchange rates, energy prices or inflation. A restaurant bill in Taipei cannot, by itself, prove that Taiwan is more developed than Korea.
Still, I do not think her comment should be dismissed.
For me, the more interesting question is why this conclusion came so naturally.
Reading progress through daily life
In Korea, development is often understood in very practical and visible terms.
A country is seen as advanced when things work well. When infrastructure is strong. When education is good. When companies compete internationally. When people earn more. When daily life looks modern, efficient and organised.
That does not mean Koreans only care about money. That would be too simple and unfair.
But Korea’s own modern history matters here.
Many Koreans still carry the memory, directly or through their parents, of a country that developed extremely fast. In one or two generations, Korea moved from poverty and reconstruction to global brands, high technology, strong universities, modern cities and international cultural influence.
Economic development is therefore not just an abstract number in Korea.
It is part of the national story.
It is connected to pride, hard work, education, family sacrifice and international recognition. That may explain why a higher restaurant price in Taiwan can quickly become more than just a higher restaurant price.
It becomes a signal.
Maybe Taiwan has moved up.
Maybe its people earn more.
Maybe the country has become more confident.
Maybe Korea is no longer automatically ahead in every comparison.
The conclusion may be too quick, but the feeling behind it is understandable.
And to be honest: this is not only Korean. We all do it.
When Dutch people visit Scandinavia, Switzerland, Singapore or Korea, we also read countries through daily signs. We compare prices, trains, streets, shops, behaviour, safety and service. We may pretend to be objective, but very often our first judgment starts with what we see, feel and pay for.
What this means for business
This way of reading progress is also relevant for European companies and startups looking at Korea.
Korea is not a market where people only listen to a nice story. Korean consumers and business partners often look for clear value. They want to see quality, speed, reliability, practical benefit and proof that something works.
In that sense, “good” often has a very concrete meaning.
A good product solves a problem.
A good service saves time.
A good school leads somewhere.
A good city functions well.
A good business partner is reliable and moves things forward.
This practical way of looking at value is not a weakness. For foreign companies, it is something to understand.
Korea can be a serious opportunity for European companies, especially in technology, digital services, education, lifestyle, sustainability, maritime solutions and specialised B2B services.
But Korea is not an easy market.
It is advanced, fast-moving and demanding. It is also sensitive to global developments. Energy prices, exchange rates, shipping costs and geopolitical tensions can quickly affect companies and households.
The recent Middle East situation shows this clearly.
After President Trump again announced progress toward a deal, oil prices dropped sharply. At one point, U.S. crude moved toward the 80-dollar range, and later oil prices even moved below that level.
For Korea, that matters.
Korea depends heavily on imported energy. A lower oil price gives breathing space. It can reduce pressure on transport, food distribution, manufacturing and consumer prices.
But it is not a full solution.
Political agreements can be fragile. Shipping routes can remain uncertain. Companies may still be careful. Consumers may still feel earlier price increases in daily life.
So the lesson is not that Korea is suddenly safe from external shocks.
The lesson is that Korea is deeply connected to the world. That is one of its strengths, but also one of its vulnerabilities.
Korea is not only Seoul
When foreign companies think about Korea, they often think about Seoul first.
That is understandable. Seoul is the political, financial and corporate centre of the country. Many headquarters, investors, ministries, agencies and media are there.
But Korea is not only Seoul.
Busan deserves a more serious look.
I live and work in Busan, so I may not be completely neutral. But that is also the point. From here, Korea looks slightly different. Busan is not always in the international spotlight, but it has a clear economic identity of its own.
The comparison with Manchester is interesting. For many years, international attention in the UK focused mainly on London. But Manchester gradually built a stronger profile as a regional city with its own business culture, universities, creative industries, digital sector and political voice.
The lesson is not that Busan is “the Manchester of Korea”. That would be too easy.
The lesson is that second cities can matter when they build on their own strengths instead of trying to copy the capital.
Busan’s strengths are concrete.
First, there is the port. Busan is Korea’s largest port and one of the most important container and transshipment ports in the world. That creates opportunities in maritime technology, port logistics, supply chain solutions, smart shipping, marine equipment, sustainability and port-related digital services.
Second, Busan is part of the wider southeast industrial region, together with Ulsan and Gyeongnam. This region is important for shipbuilding, machinery, automobiles and advanced manufacturing. For European companies with specialised industrial solutions, this may be more relevant than a general office address in Seoul.
Third, tourism is growing. Busan has beaches, mountains, temples, food, film, cruise tourism and medical tourism. It has a different feel from Seoul: more coastal, more relaxed, but still urban and international. That creates opportunities in hospitality, travel services, wellness, lifestyle, events, content, education and international visitor support.
Fourth, Busan is trying to build a stronger position in digital finance, blockchain, maritime finance and startups. This does not mean every foreign fintech company should immediately move to Busan. But it does mean that Busan is more than a port city. It is trying to connect its traditional strengths with new technology.
Of course, there are limits.
Seoul is still hard to ignore. Many final decisions are made there. Investment networks are stronger there. International visibility is higher there. For many companies, Seoul will remain the first stop.
But it should not always be the only stop.
For some European startups and SMEs, Busan may actually be a better place to understand Korea more realistically. The city is large enough to be serious, but smaller and more approachable than Seoul. It has strong industrial roots, an international port, growing tourism and a local government that actively wants to position the city globally.
The question is not: Seoul or Busan?
The better question is: where does your product or service fit best?
Sometimes the answer will be Seoul. Sometimes it may be Busan. And sometimes the smartest route is to understand both: Seoul for national visibility, Busan for sector-specific opportunity and local grounding.
Where business and education meet
There is another connection that should not be missed.
Internationalization is not only about companies.
It is also about students, universities and talent.
That is important for Korea, and it is important for Busan.
The Korean government is actively trying to attract more international students. The goal is not only to fill classrooms. It is also about talent, regional development, innovation and future labour needs. Universities, local governments and businesses are increasingly expected to work together.
This is where business and education meet.
A foreign student who comes to Korea today may become a future employee, founder, researcher, engineer, teacher, cultural bridge or business partner. A university that becomes more international can also make a city more international. And a city that welcomes foreign students well may become more attractive for foreign companies too.
Busan is a good example.
The city is not only promoting itself as a port, tourism and business destination. It is also trying to become a stronger study destination. That matters. A city with international students becomes more open, more connected and more used to working across cultures.
For European companies, this is relevant.
If Korea wants to attract more foreign students and keep more global talent after graduation, then companies also need to think differently. They may find future employees, interns, translators, local market researchers, technical staff or cultural connectors among these international students.
For European universities and schools, the connection is also clear. Korea is not only a destination for exchange programmes or language courses. It is becoming part of a wider discussion about talent, careers, regional innovation and international cooperation.
This is one reason why KramerConsult Korea works on both sides: business and education.
They may look like two separate fields, but in Korea they are connected. Companies need talent, universities need international networks, students need realistic pathways, and cities like Busan need people who can connect local strengths with global opportunities.
In that sense, Korea’s internationalization is not just a government slogan.
It is something you can see on the ground: in universities, in business gatherings, in port logistics, in tourism, in startup conversations and in young people who are trying to build a future across borders.
Being here matters
I sometimes see this very clearly at European business gatherings in Busan.
As Busan representative of the Dutch Business Council Korea, I meet European entrepreneurs, Korean counterparts and local business people who are not just talking about Korea from a distance. They are here. They are testing ideas, building contacts, sharing stories and looking for the next step.
Those evenings often have a different energy from a formal market report.
A glass is raised. Someone tells a good story. A new contact is made. A possible cooperation starts with a simple conversation. There is enthusiasm, but also realism. People know that Korea is not always easy. But they also feel that something is moving here.
That is what makes Busan interesting.
Not because it replaces Seoul.
But because it adds another Korean story.
Back to that restaurant bill
And that brings me back to the Korean businessperson who had just returned from Taiwan.
At first, I was surprised by her conclusion. Food felt more expensive, so Taiwan must be more developed. It sounded too quick, too simple.
But after thinking about it more carefully, I understood her better.
She was not making a formal economic analysis. She was reading signals.
Prices, confidence, daily spending, the way a city feels, the way people use public space, the quality of service, the rhythm of business life. These are the small things through which people often judge progress.
A restaurant bill in Taiwan can tell a story.
An oil price can tell a story.
A port city like Busan can tell a story.
A university full of international students can tell a story.
A conversation at a European business gathering can tell a story.
But none of these stories is complete by itself.
For European companies, universities and students looking at Korea, the real work is to connect these signals carefully.
What do the numbers say?
What do people feel?
Where is the market moving?
Where is talent being developed?
Which city fits your product, programme or ambition?
Who are the right partners?
And what does local reality look like when you are actually here?
At KramerConsult Korea, we are based in Busan. That gives us a local view of Korea that is practical, regional and close to the market. We help European companies, educational institutions and students explore whether Korea is a realistic opportunity, and where the best starting point may be: Seoul, Busan or another part of the country.
The Korean businesswoman’s observation was not a full economic conclusion.
But it was a useful starting point.
Because sometimes a simple remark over food prices opens the door to a much bigger question:
How do we really understand a country, a market and an opportunity?
And that question is worth more than the bill itself.
Sources and background used
- Reuters – reporting on oil prices, the U.S.-Iran announcement, Brent and WTI crude movements, June 2026.
- OECD – Korea Economic Outlook, June 2026.
- Korea Development Institute – KDI Economic Outlook 2026.
- International Monetary Fund – World Economic Outlook database, GDP per capita data for Korea and Taiwan.
- Korea Ministry of Data and Statistics – Consumer Price Index, May 2026.
- Taiwan Directorate-General of Budget, Accounting and Statistics – Consumer Price Index, May 2026.
- Korean Ministry of Education – Study Korea 300K Project.
- Busan Metropolitan City – Study Busan Hub and Busan international student policy.
- Invest Korea / KOTRA – Busan port and investment information.
- Busan Metropolitan City / Daily Busan – tourism and foreign visitor data.
- Startup Genome – Busan startup ecosystem reporting.
- Busan Metropolitan City – digital finance, blockchain and startup policy information.
- European Union / EEAS – EU-Republic of Korea Digital Trade Agreement.
- Chang Kyung-Sup – work on compressed modernity and Korea’s rapid social and economic development.
- ECCK / Dutch Business Council Korea – European business networking context in Busan.