Taiwanese billionaire business tycoon Terry Gou, the founder of electronics giant Foxconn, on Wednesday announced that he will run for the 2020 presidential elections.

Guo said he had made the decision after he was asked to do so by the island's patron deity Matsu, the goddess of the sea.

The founder of Foxconn, the biggest manufacturer of Apple devices, said he would seek the nomination of the China-friendly opposition Kuomintang Party in next year’s election.

Guo made the announcement during a ceremony in which he was honored for his contributions as a member of the party for the last 50 years.

After announcing his intention to contest, the billionaire said he would accept a party candidature only if he won in open and transparent primaries and not by any other process of nomination.

Gou said his core values included "peace, stability, economy and future" for Taiwan.

The Foxconn chairman said that as a devotee of Matsu he decided to carry out what the goddess had told him in a dream: to look after people who are suffering and bring peace and prosperity to Taiwan.

The declaration to run for the presidency follows his earlier announcement this week that he would pass the responsibilities of managing Foxconn to younger people.

President Tsai Ing-wen, who assumed office in May 2016, has already announced plans to participate in the primaries of the of the ruling pro-independent Progressive Democratic Party.

From former prime minister William Lai, who represents a stronger pro-independence bloc of the same party, has also declared his decision to contest.

Within the KMT, other prospective candidates include former New Taipei mayor Chu Li-luan and former speaker of parliament Wang Jin-pyng.

An independent candidature by the current mayor of Taipei, Ko Wen-je, has also not been ruled out while the charismatic Kaohsiung mayor Han Kou-yu, of the KMT, is another prospective candidate.

The presidential and legislative elections of Taiwan are set to be held on Jan. 11, 2020 and are considered crucial for deciding the future direction of Taiwan's policies towards China at a time when tensions are running high between Taipei and Beijing.

China sees Taiwan as a breakaway province and wants it to reunify under a proposed "one country, two systems" policy that will give the island significant autonomy.