Forbes names Samsung Group among top five influential Asian firms

The US-based business magazine Forbes has named Samsung Group among the top five influential firms in Asia. The South Korean consumer electronics giant has been named among firms like China’s Alibaba, India-based HDFC Bank, Sony, and Toyota, thanks to its achievements in the technology segment.

Forbes mentioned that the companies it listed as the top five influential Asian firms “have shaped Asia and the world.” The US-based magazine mentioned that Samsung’s business strategy, which was announced back in 1993, helped the company become a major player in many technology segments. Samsung Group chairman Lee Kun-hee made his famous remark “change everything but your wife and children,” which influenced its employees.

“Thanks to the changes that were made in the wake of the Frankfurt meeting, Samsung went from being a mediocre electronics manufacturer to surpassing Nokia as the world’s largest phone manufacturer by units sold in 2012. Today, it is world’s second-largest technology company,” Forbes mentioned in its magazine. Samsung recently became the most profitable tech company in the world, leapfrogging Apple in terms of revenue and operational profit.

Since the Galaxy Note 7 fiasco, Samsung has been heavily investing in semiconductor designing and manufacturing, including NAND flash chips, RAM, and processing chipsets. The Galaxy S8 and the Galaxy S8+, which were released earlier this year, have met with astounding success. The company has also been investing in upcoming technologies like connected cars and IoT products.