Emerging markets companies are no longer provincial, purely domestic-facing businesses. Increasingly they are global leaders with significant technological expertise.

Comparing the MSCI Emerging Markets index with the developed markets equivalent, a respectable three of the top 10 would make the MSCI World top 10 based on their current market values.

Investors may be familiar with the Chinese tech names – particularly Tencent and Alibaba – as well as South Korean consumer electronics giant Samsung. We also looked at China’s technology sector in more detail in this article. However, some of the other biggest names may be less familiar.

Topping the list is Taiwan Semiconductors – whose valuation has been boosted by the current strong dynamics in the global microchip market as supply has struggled to keep up with demand.

It is the world’s largest dedicated semiconductor foundry, producing chips based on other companies’ designs.

Another cutting edge businesses in the list of largest emerging market firms is South African consumer internet firm Naspers. Its activities span online advertising, fintech, payments and food delivery.

The other names which dominate MSCI Emerging Markets are more typical of the historical profile of businesses from developing countries.

China Construction Bank is a fairly traditional banking outfit with a large number of branches in China. India’s Reliance Industries is the kind of conglomerate business which is quite common in emerging markets – doing everything from drilling for oil and gas to providing telecom services and operating a chain of shops. Brazil’s Vale is a big mining company focused on iron ore and nickel.

This outlook is part of a series being sponsored by Templeton Emerging Markets Investment Trust. For more information on the trust, visit here.

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