Joint Ventures
To go international a large firm can set up a joint venture with a company of another country. In this case two companies pool their resources to design, manufacture and sell the product. Both firms profit by the results of this arrangement. They also share responsi¬bility. One of the firms provides the necessary funds and know-how for producing goods. In return it gets a foothold in the foreign market. The other firm obtains financial and technical assistance. And it takes responsibility for handling red tape and organizing sales in the local market.
In the beginning of the 21-st century, for example, a Connecticut engineering company set up a Joint venture with Russian oil refineries and petrochemical plants. The venture gives the Russians the necessary technology and the Connecticut Company has gained a foothold in the world's largest oil industry in return.

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-What can a firm set up if it wants to go international?
-Who can it make a joint venture with?
-What do the two companies do when they arrange a joint venture?
-What do they need joint resources for?
-Do they share profit or responsibilities only in this case?
-What does each firm provide and get when the two of them set up a joint venture?
-Who provides finance and technology?
-Who deals with the red tape?
-Who organizes sales?
-Why was the Connecticut engineering firm interested in this joint venture?
-What did the Russians get in return?