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Companies across various industries are forming strategic alliances to enhance their resources and competitiveness in both domestic and international markets. A strategic alliance is a formal agreement between two or more companies to collaborate on common objectives, typically through a contractual arrangement, without formal ownership ties. When partnerships involve shared ownership, they are termed joint ventures, which create an independent corporate entity jointly owned and controlled by the partners. While joint ventures can be more durable, they also carry higher risks. Notably, many alliances fall short of expectations, with estimates suggesting that around 60% do not achieve their intended goals.
