Asian Tech Press (Feb 22) -- South Korean chipmaker Samsung Electronics has spent a record high of about 22.6 trillion won ($18.9 billion) on R&D in 2021, aiming to beat TSMC by 2030.

In its reviewed financial statements for 2021, the company reported a total expense of 22,595,434 million won for research and development (R&D) in 2021, up 6.5% from 21,220,972 million won in the same period last year.

Samsung Electronics' total R&D spending has continued to increase over the past five years, from 14,792,343 million won in 2016 to 22,595,434 million won in 2021 annually.

The company has been stepping up its R&D investment with the goal of beating TSMC to become the world's No. 1 system on chip (SoC) manufacturer by 2030.