Foxconn's Terry Gou Joins Taiwan Presidential Race, Pledges To Restore China Relations: 'Will Not Let Taiwan Become The Next Ukraine'

Terry Gou, the billionaire mastermind behind Hon Hai Precision Industry HNHPF, also known as Foxconn, has thrown his hat into the ring for the Taiwanese presidency. He promises to restore relations with China and give the island nation’s economy a boost.

What Happened: Gou, on Monday, announced his candidacy at a press conference, ushering in what he terms “the era of entrepreneurs' rule.” He highlighted his business prowess and financial acumen, including his dealings with China, The Guardian reported.

"I have decided to join the 2024 presidential race," he said.

"Give me four years and I promise that I will bring 50 years of peace to the Taiwan Strait and build the deepest foundation for the mutual trust across the strait…Taiwan must not become Ukraine and I will not let Taiwan become the next Ukraine."

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After failing to secure the candidacy from the Kuomintang (KMT), the main opposition party, Gou has been hinting at a presidential run. To qualify as an independent candidate, he needs to gather 290,000 signatures by early November.

Gou’s entry brings a fresh dynamic to an already fascinating campaign. His rivals include Lai Ching-te, the current vice president and the ruling Democratic Progressive Party (DPP)’s presidential nominee, who presently leads in the polls.

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In his announcement, Gou critiqued the DPP for heightening tensions with China and proposed an anti-DPP coalition. Analysts initially speculate that Gou’s candidacy may divide the pan-blue vote, possibly favoring the DPP.

Why It Matters: Relations with China, which views Taiwan as part of its territory under the “reunification” policy, are a crucial factor in the election.

Gou had previously expressed his concerns about the potential collapse of U.S. stocks in the event of a Taiwan Strait conflict. China, under President Xi Jinping, has increased its assertive stance towards Taiwan, cutting off communications with Taipei after President Tsai Ing Wen‘s win in 2016.

Photo Courtesy: AlmostViralDesign On Shutterstock.com

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