The correct answer is: D. Joint venture.
A joint venture is a strategic alliance between two or more companies to undertake a specific project or business activity. The companies involved in a joint venture share the risks and rewards of the venture.
Franchising is a business arrangement in which a company (the franchisor) grants another company (the franchisee) the right to use its trademark, trade name, and business system in exchange for a fee. The franchisee is responsible for operating the business according to the franchisor’s standards.
Leasing is a contract in which one party (the lessor) agrees to allow another party (the lessee) to use an asset for a specified period of time in exchange for a series of payments. The lessor retains ownership of the asset, while the lessee has the right to use it.
A turnkey project is a project in which a contractor agrees to design, build, and commission a facility or system for a client. The contractor is responsible for all aspects of the project, from start to finish.
In conclusion, a joint venture is the only mode of international business that involves a strategic alliance.