Finance Minister Hong Nam-ki said the public and private sectors will make joint efforts to avoid any disruption in the production of automobiles as the ongoing shortage in automotive semiconductors is likely to continue at least until the third quarter. 

Hong made the remarks on Wednesday during a government meeting on initiatives regarding system semiconductors, biohealth and future cars. 

Hong said it is imperative to ease uncertainties over possible short-term disruptions in supply and demand, improve supply chains and promptly occupy related markets in the mid- and long-term. 

He said such tasks are crucial given that automotive semiconductors are key components of the auto industry and demand is surging with the shift in focus to future cars. 

To this end, the minister said the government will inject some 200 billion won through 2022 toward developing key semiconductor technologies for future cars, including automotive application processors.