Tech Mogul Joins Taiwan’s Presidential Race

Written by Jack Elbaum

What’s happening: The billionaire founder of tech giant Foxconn, Terry Gou, has announced he’ll run in Taiwan’s 2024 presidential elections. He will campaign as an independent after failing to secure the nomination of Taiwan’s main opposition party, the right-leaning Kuomintang, or KMT.

Gou’s stances: During Gou’s announcement, he said he would “never allow Taiwan to become the next Ukraine,” and promised to “bring 50 years of peace to the Taiwan Strait.” Gou also pledged to double Taiwan’s economic growth and make it the richest country in Asia based on per-capita GDP, saying, “the era of entrepreneur’s rule has come.”

• Concerns: Critics say Foxconn’s dependence on China means Beijing will have leverage over Gou if he becomes President, but he rejects this. Gou resigned as Foxconn’s chairman in 2019 and recently resigned from its board.

• Important: Gou accuses Taiwan’s Democratic Progressive Party (DPP), which is currently leading the polls, of bringing the country to the brink of war with China. The DPP refuses to call Taiwan a part of China and pledges to defend its sovereignty as the Chinese military has become more assertive.

Why it matters: Taiwan’s 2024 elections may be the country’s most important. Though anti-communist, Gou and Kuomintang largely want to restore diplomatic relations with China — even flirting with the idea of unification to some degree. Other politicians want a hardline approach and have been preparing the country for conflict.

Does he have a chance? Gou is a longshot candidate. In Taiwan, just like in the U.S., independents do not have a political network as extensive as their counterparts in established parties. The fact that he lost the KMT nomination two times also suggests he is a longshot.