Terry Gou, founder and chairman of Apple iPhone's main manufacturer Foxconn, announced on Wednesday that he will run for Taiwan's leadership in 2020.

Gou's net worth is 7.6 billion U.S. dollars, according to Forbes, and he said he would take part in the Kuomintang (KMT) Party's primaries.

"I am willing to join the party's primary. If I win I will represent the KMT in the 2020 elections," he said at a KMT meeting in Taipei.

Gou also said he would "fully support" the party's candidate if he failed to secure the nomination.

Gou is expected to face KMT heavyweights including former party chairman Chu Li-luan and former parliamentary speaker Wang Jin-pyng, who have announced their intentions to run for leadership.

Also known by its official name Hon Hai Precision Industry, Foxconn assembles Apple iPhones as well as parts and accessories for other international brands.