According to a statement from Huawei to the Ghana News Agency, the recently published Brand Finance Global 500 2020 report, placed Huawei as the third Chinese company on the list with a brand value of US$ 65.084 billion, up 4.5 per cent year-on-year.

This marks the first time in history that Huawei had entered top 10 of the list, an indication that the brand was meeting global technological needs.

"Clearly, the next big opportunity for the telecoms industry, the 5G space is inviting fierce competition, with Huawei expanding into markets traditionally covered by Western providers.

Despite sparking controversy, the Chinese giant is making clear headway, and with a brand value of US$65.1 billion, now counts among the world's top 10 most valuable brands for the first time," writes Brand Finance in the report.

The statement said with 205 companies accounting for 45.4 per cent of the top 500, US is the most represented economy in the ranking with a combined brand value of US$ 320.4 billion, while China follows closely with 70 companies, equivalent to 18.9 per cent, and a combined brand value of US$ 133.4 billion.

The technology sector continued to draw the most attention as the most valuable sector.

Of the 500 most valuable brands, the statement said, 46 of them representing 14 per cent originated from the tech sector, together, they had a combined brand value of US$ 986.5 billion.

Huawei is the sole Chinese tech brand among the top 10 most valuable brands, it noted.

According to the statement, Huawei's brand value growth could be attributed to its commitment to innovation to continually improve product competitiveness and consumer experience.

In 2019, it predicted that it would ship 240 million units of smartphones and retain its position as the world's second largest smartphone manufacturer and it shipped more than 44 million units of its 'HUAWEI Mate Series' and 'HUAWEI P Series' flagship devices, recording a 50 per cent increase year-on-year.

"Winning critical and popular acclaim for their technological breakthroughs, Huawei's 5G smartphones recorded 6.9 million unit shipments as of December 2019," the statement said.

Last year, Huawei also built out its all-scenario experience by introducing a range of new products spanning multiple categories, including tablets, PCs, wearables and IoT devices in the HiLink ecosystem, all of which exhibited a certain degree of growth.

Looking at the future, Huawei remains committed to the all-scenario strategy.

Mr Richard Yu, the Chief Executive Officer of Huawei Consumer Business Group said: "The all-scenario strategy will remain the primary focus of Huawei for the next five to 10 years.  We are steadfast in our commitment to creating an integrated ecosystem, in which tablets, PCs, VR devices, wearables, smart displays, smart speakers, cars and IoT devices are all connected to smartphones to deliver a truly seamless user experience."

Huawei's products and services are available in more than 170 countries and are used by a third of the world's population. Fourteen R&D centres have been set up in the United States, Germany, Sweden, Russia, India and China, the statement said.

'Huawei Consumer BG' is one of Huawei's three business units and covers smartphones, PC and tablets, wearables and cloud services.

The brand's global network is built on over 30 years of expertise in the telecom industry and is dedicated to delivering the latest technological advances to consumers around the world.