TAIPEI: Terry Gou, founder of contract manufacturing giant Hon Hai Precision Industry Co (better known as Foxconn) has withdrawn from Taiwan's 2024 presidential election.

His running mate Tammy Lai confirmed the withdrawal, saying that the duo "will not appear on the ballot in 2024,” reports Focus Taiwan website.

"It is a tough decision. But after thorough consideration, it is the best decision (we can make) at the moment,” Lai was quoted as saying.

However, the reason for Gou’s withdrawal was not revealed.

Gou said the decision was “for the future of the Republic of China.”

“It now remains to be seen which opposition presidential ticket Gou will endorse,” the report mentioned.

In August, the iPhone maker Foxconn’s founder announced an independent bid for the Taiwan presidential election in January 2024.

He was pitted against Vice President Lai Ching-te of the ruling Democratic Progressive Party (DPP), Taiwan People's Party Chairman Ko Wen-je, and New Taipei Mayor Hou Yu-ih of the China-friendly Kuomintang (KMT).

Gou had said at a press conference he will "make Taiwan overtake Singapore within 20 years" and have the highest GDP per capita in Asia.

"Taiwan should absolutely not become Ukraine. I shall never let Taiwan be the next Ukraine," said Gou.

"I can guarantee that I'll bring 50 years of peace to the Taiwan Strait."

As of 2022, Gou had a net worth of $6.8 billion.