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South Korean chipmaker Hynix Semiconductor Inc. said Monday it has reached a cross-licensing agreement with Ovonyx Inc. of the United States to develop next-generation memory chips.

The deal allows Hynix, the world's second-largest maker of computer memory chips, to use Ovonyx's patents on phase-change memory chips, or PRAM, which many scientists say offer a higher level of performance than flash chips, widely used in digital cameras and other handheld gadgets. Ovonyx owns core patents on the phase-change chips, Hynix said in a statement. "This agreement provides Hynix with the ability to facilitate the next-generation of memory development," said Park Sung-woo, head of Hynix's research and development division.

In July, Hynix said it plans to generate more than 30 percent of its annual revenue from sales of PRAM by 2017.

SEOUL, Oct. 1 (Yonhap)