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Companies across various industries are forming strategic alliances and partnerships 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 cooperatively pursue common objectives. While such collaborations may involve a contractual agreement, they usually do not establish formal ownership ties. When shared ownership is involved, these are termed joint ventures, which create an independent corporate entity jointly owned and controlled by the partners. Joint ventures tend to be more durable but carry higher risks than other arrangements. However, many alliances fail to meet expectations, with estimates indicating that up to 60% do not succeed.
