Billionaire Terry Gou aims for Taiwan’s presidential role.
Terry Gou, the 72-year-old billionaire and founder of Foxconn, the iPhone manufacturer, has entered the race for Taiwan’s presidency, making him the latest contender in the upcoming January 2024 elections. Gou, known for his rags-to-riches story and wealth, could have a strong chance against the ruling Democratic Progressive Party (DPP) if he were the sole opposition candidate. However, his entry further divides the opposition vote alongside two other contenders, making their collective task of unseating the incumbent party even more challenging in the winner-take-all system.
This situation exemplifies the concept of the “law of holes,” suggesting that when faced with difficulty, the first step should be to stop digging. Unfortunately, Taiwan’s opposition seems to be digging its electoral grave by splitting its votes. This scenario comes at a crucial time as Taiwan faces mounting threats from Beijing and increased militarization in the region.
Gou initially sought candidature with the right-of-centre Kuomintang (KMT) party, Taiwan’s main opposition party, but failed to secure the nomination. He then left the party and now faces competition not only from the DPP but also from the Taiwan People’s Party (TPP), led by charismatic populist Ko Wen-je, who resonates particularly well with younger Taiwanese voters.
Gou’s appeal goes beyond his wealth; his experience of working in and with China through Foxconn gives him unique insight. He aims to utilise his China expertise to safeguard Taiwan’s security and prevent it from mirroring Ukraine’s situation. Gou points to the DPP’s perceived hostility towards Beijing as a factor that has escalated tensions, blaming the party for Taiwan’s precarious position. He suggests returning to the status quo negotiated with Beijing in 1992 and securing an agreement for peace over the next 50 years.
While Gou views himself as the candidate to unite the opposition against the DPP, there is no sign of this consolidation happening. Instead, his entry may further fragment the opposition vote. Despite his fame and fortune, Gou’s candidature is more likely to aid the DPP’s success, making William Lai, the DPP’s candidate, still the frontrunner in the race.
Terry Gou’s entry into the Taiwanese presidential race adds complexity to an already divided opposition, potentially favouring the ruling party’s success.
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