Foxconn Technology Group founder Terry Gou announced his intention to run in Taiwan’s presidential election as an independent, deepening competition among the opposition contenders for the job.

Gou declared his candidacy for the vote in January 2024 at a briefing in Taipei on Monday. For his bid to become official, he will need to secure signatures from around 290,000 voters.

"Over the past seven years, I’ve witnessed Taiwan go from being prosperous to being on the brink of falling off a cliff in many aspects, including the economy, national defense and foreign affairs,” he said. "If we don’t pull back now, it will be too late to save Taiwan from falling. We have to take down the Democratic Progressive Party.”