iPhone Billionaire Terry Gou’s Presidential Bid: Unpacking Taiwan’s High-Stakes Race

Terry Gou, the 72-year-old billionaire founder of Foxconn, the company behind the iPhone, has thrown his hat into the ring for Taiwan’s upcoming presidential election.

Gou’s compelling rags-to-riches story, substantial wealth, and widespread recognition make him a formidable contender in the race.

However, this race is far from straightforward, as his candidacy is set to split the opposition vote.

With the January 2024 presidential election looming, the political landscape is becoming increasingly complex.

In a winner-takes-all system, adding a third opposition candidate, like Gou, to an already divided field may not bode well for those hoping to unseat the incumbent Democratic Progressive Party (DPP).

This situation reflects what some call the “law of holes” – when you find yourself in a hole, the first step is to stop digging. In Taiwan’s case, the opposition seems to be undermining its own chances of victory.

Gou’s initial attempt to secure the nomination from Taiwan’s main right-of-center party, the Kuomintang (KMT), was unsuccessful.

He left the party in frustration after the KMT chose a different candidate. But the KMT isn’t the only obstacle in his path.

Taiwan boasts another opposition party, the Taiwan People’s Party (TPP), led by charismatic populist Ko Wen-je. Ko, the former mayor of Taipei, has gained substantial support, particularly among younger Taiwanese voters.

While Gou’s wealth and business acumen are impressive, his main selling point is his extensive experience in working with China.

Foxconn became the world’s largest electronics manufacturer by merging Taiwanese engineering expertise with skilled Chinese labor.

Gou’s vision played a pivotal role in persuading Apple to outsource the manufacturing of MacBooks and iPhones to Foxconn, making him one of Taiwan’s wealthiest entrepreneurs.

Gou now aims to leverage this experience to safeguard Taiwan’s security, expressing his determination to prevent Taiwan from following the path of Ukraine. He envisions leading Taiwan “back from the abyss of war with China.”

What sets Gou apart is his perspective on the Taiwan-China relationship. Unlike many who blame Beijing for the growing tensions, he points fingers at Taiwan’s President Tsai Ying-wen and the DPP’s hostile stance towards Beijing.

Gou proposes returning to the status quo agreed upon in 1992 between Taipei and Beijing, with a commitment to secure peace for the next 50 years.

However, polling data suggests that Gou’s approach may not resonate with the majority of Taiwanese voters.

Most do not hold their government responsible for rising tensions with Beijing and are not inclined to make concessions on sovereignty for the sake of peace.

A significant majority of Taiwanese identify as Taiwanese, not Chinese, and are willing to defend their homeland’s sovereignty.

Furthermore, opinion polls reveal that approximately 40% of voters strongly support the DPP, indicating that the ruling party can be defeated. Yet, for the opposition to stand a chance, it would require unity behind a single candidate.

Gou firmly believes that he should be that candidate, likening the three opposition contenders to “the three little pigs” who must unite to challenge the “big bad wolf” of the DPP.

Unfortunately, signs of this unity remain scarce, and Gou’s candidacy may further fragment the opposition vote.

As things stand, even with just 40% of the vote, William Lai from the DPP remains the frontrunner in the race to become Taiwan’s next president.

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