Seoul, Nov 12 (IANS): Samsung Electronics, the world's biggest memory chip and mobile phone maker, is inching closer toward the selection of the site for its new chip plant in the US, as competition is intensifying in the semiconductor industry amid global chip shortages.

Lee Jae-yong, the tech giant's vice chairman, is expected to visit the US as early as next week to finalise the company's US$17 billion investment project there.

Samsung has, in recent months, vowed to bolster its presence in foundry, or chip contract manufacturing, and logic chip businesses in a bid to expand its footprint in the markets dominated by Taiwan Semiconductor Manufacturing Company (TSMC) Ltd and Intel Corp, respectively.

Late last month, the company laid out its vision to increase its foundry capacity by three times the level of 2017.

"We are planning an unprecedented level of investment in foundry infrastructure and equipment," said Han Seung-hoon, senior vice president of the foundry division, during an earnings call on October 28.

The company said its foundry business posted record revenue for the three months ending in September, without disclosing specific sales or profit figures, reports Yonhap.

It said the chip contract manufacturing division is "expected to continue to deliver strong improvements in results" in the fourth quarter "by securing technology leadership through the 3-nm Gate-All-Around (GAA) process and by meeting demand through active investments."