Samsung Electronics Co has just been named by American business magazine Forbes as one of the most influential Asian companies in the world.

Forbes on Friday released the "5 Companies That Have Shaped Asia, And The World" with South Korea's Samsung rounding up the list. Alongside Samsung are Japan's Toyota Motor Corporation and Japan's Sony Corporation, India's HDFC Bank and China's Alibaba Group.

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Samsung was founded by Lee Byung-chull in 1938 as a trading firm. During the Korean war in the 1950s, the company ventured into textiles, banking, publishing and paper products. In 1969, Lee sought the help of Japanese electronics company Sanyo to establish Samsung Electronics, the manufacturer of one of the most popular smartphones today.

In Lee's quest and unrelenting vision for Samsung to "change everything but your wife and children", the company beat Nokia Corporation as the world's biggest phone manufacturers by units since 2012. Today, it is the second largest technology company in the world according to Forbes.

The publication stated that the Asian Tiger economies of Taiwan, Hong Kong and South Korea "continue to roar and inspires others to do so". The 2017 IMF report has noted Asia to have the strongest economic position in the world.