Foxconn’s Gou says could run for Taiwan president, step again from every day enterprise

TAIPEI (Reuters) – Foxconn’s Chairman Terry Gou mentioned on Tuesday he’s contemplating whether or not to run for Taiwan’s 2020 presidential election, a day after Reuters reported the tycoon deliberate to step down from the world’s largest contract producer.

Terry Gou, founder and chairman of Foxconn, greets throughout an occasion that marks the 40th anniversary of the Taiwan Relations Act, in Taipei, Taiwan April 16, 2019. REUTERS/Tyrone Siu

Talking on the sidelines of an occasion to mark the 40th anniversary of Taiwan-U.S. ties, Gou declined to say which occasion he may signify, at a time of heightened tensions between the self-ruled island and Beijing.

If it was the opposition, China-friendly Kuomintang (KMT), he would “go” with the usual procedures of the occasion, Gou mentioned, including he would make that call “as quickly as potential”.

“I didn’t sleep final evening … 2020 is vital for Taiwan. The explanation for the tense scenario (with China) is as a result of it’s a turning level for Taiwan’s route for politics, financial system, protection for the following 20 years,” Gou mentioned.

“So I requested myself the entire evening … I have to ask myself what I can do. What I can do for the youth? … The subsequent 20 years will determine their destiny,” he mentioned, his eyes welling up with tears at occasions.

The KMT mentioned in a press release Gou had been a celebration member for greater than 50 years and had given it an interest-free mortgage of T$45 million ($1.5 million) in 2016 underneath the title of his mom, a transfer that signaled his “loyalty” to the occasion.

The KMT didn’t instantly reply to a media enquiry on whether or not Gou was eligible to take part within the occasion’s already extremely aggressive main election.

Gou, Taiwan’s richest individual with a web value of $7.6 billion in keeping with Forbes, instructed Reuters on Monday he deliberate to step down within the coming months to pave the way in which for youthful expertise to maneuver up the corporate’s ranks.

The corporate later mentioned Gou will stay chairman of Foxconn, although he plans to withdraw from every day operations.

Taiwan is gearing up for presidential elections in January at a time of heightened tensions throughout the Taiwan Strait, with Chinese language bombers and warships conducting drills across the self-ruled island on Monday.

A senior U.S. official denounced the navy maneuvers as “coercion” and a menace to stability within the area.


China claims Taiwan as its personal and has vowed to carry the island, which it regards as a sacred territory, underneath Chinese language management, by drive if crucial.

The US has no formal ties with Taiwan however is certain by regulation to assist present the island with the means to defend itself and is its foremost supply of arms.

“We want peace. We don’t want to purchase too many weapons. Peace is the most important weapon,” Gou mentioned, including that Taiwan solely wants satisfactory self-defense.

“If we spend the cash for weapons on financial improvement, on synthetic intelligence, on funding in america, this may be the most important assurance on peace.”

“Whose kids are keen to sit down in these fighter jets?”

A supply with direct data of the scenario mentioned Gou was prone to announce his resolution on the presidential bid afterward Tuesday on the earliest and was on account of journey to Foxconn’s manufacturing facility within the southern Chinese language metropolis of Shenzhen on Wednesday.

Shares of Foxconn, which is formally often known as Hon Hai Precision Business Co Ltd and has a market worth of round $40 billion, closed 0.7 p.c greater on Tuesday.

An official at Taiwan’s inventory trade instructed Reuters there have been no rules associated to an organization govt operating for the island’s presidency.

Taiwan’s pro-independence Democratic Progressive Celebration is predicted to announce a presidential candidate in Might, with contenders together with President Tsai Ing-wen and her former premier, William Lai.


Requested by Reuters on Monday if he would stop as chairman, Gou mentioned, at 69 years previous, he was transferring in that route, although any resolution wanted to be mentioned with Foxconn’s board.

“I don’t know the place you bought the data from. However I’ve to say, mainly, I’m working in direction of that route – to stroll again to the second line, or retire,” Gou mentioned.

He additionally signaled a significant administration reshuffle.

“Within the board assembly in April-Might we’ll give the brand new record of board members to the board,” Gou mentioned with out elaborating.

Slideshow (2 Photos)

Based in 1974, the Foxconn group is the world’s greatest contract producer with T$5.2 trillion ($168.52 billion) in annual income. It assembles items for a miscellany of world tech companies however depends on Apple Inc for over half of annual income, analysts mentioned.

($1 = 30.8410 Taiwan {dollars})

Reporting by Yimou Lee; Writing by Anne Marie Roantree; Enhancing by Christopher Cushing and Muralikumar Anantharaman

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