Over the past $2$ years Munroe Inc., a US telecommunications corporation, has had interest in conducting business in Bolivia but was unable to proceed as it preferred to engage a local enterprise that was familiar with the Bolivian operating environment and political system. As a result, Munroe Inc. approached Crest & Company, a Bolivian enterprise, to determine whether both companies could combine their efforts to form a single arrangement that would provide telecommunication services to Bolivians. How would you describe the arrangement between Munroe Inc, and Crest & Company?

Joint venture

Management contract

Franchising

Licensing

New foreign subsidiary