Foxconn’s CEO has advised consumers to wait for Apple’s iPhone 5, because it will put Samsung’s new Galaxy SIII to shame.

Speaking at a shareholders’ meeting on Monday, Terry Gou, chairman of Hon Hai Precision Industry Co. (the parent company of Apple’s primary manufacturing partner, Foxconn), confirmed that Foxconn has partnered with Japanese display maker, Sharp.

Gou told shareholders that the alliance between Foxconn and Sharp will help them beat Samsung within three to five years, reports Focus Taiwan.

The new deal between Hon Hai and Sharp saw Gou agree to buy a 46.5 per cent stake in Sharp’s Sakai-based LCD panel plant under his own name, in addition to Foxconn’s March acquisition of 10 per cent stake in the company.

According to Gou, Sharp’s Sakai-based plant is the only place in the world that can mass-produce 60in to 80in panels, suggesting that Foxconn and Sharp may be working together to supply Apple with its rumoured television set. Hon Hai is planning to start operating the Sakai plant in July.

“Gou said he has made it a lifetime goal to defeat Samsung – “a company with a track record of snitching on its competitors”,” wrote the China Times in an article published on Tuesday.

The article reveals that Gou urged consumer to wait for the launch of the iPhone 5 before purchasing a new smartphone, because the new model will “put Samsung’s Galaxy SIII to shame”.