Foxconn's Chairman Terry Gou said Tuesday he is considering whether to run for Taiwan's 2020 presidential election, a day after Reuters reported the tycoon planned to step down from the world's largest contract manufacturer.

Speaking on the sidelines of an event to mark the 40th anniversary of Taiwan-U.S. ties, Gou declined to say which party he could represent, at a time of heightened tensions between the self-ruled island and Beijing.

If it was the opposition, China-friendly Kuomintang (KMT), he would "go" with the standard procedures of the party, Gou said, adding he would make that decision "as soon as possible."