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"reduce its reliance" is a correct and commonly used phrase in written English.
It means to decrease or lessen one's dependence on something. Example: The company took steps to reduce its reliance on fossil fuels by investing in renewable energy sources.
Exact(60)
Indonesia had suggested that it might reduce its reliance on Australia.
It wants to reduce its reliance on Apple, the source of perhaps 40% of its sales.
China has been importing large quantities of uranium as it attempts to reduce its reliance on fossil fuels.
The news is a serious setback for BAE as it seeks to reduce its reliance on US and British defence markets hit by government spending cuts.
Now it is hurrying to reduce its reliance further.
In a recent interview, Mrs. Roukema said that she decided to back the bill because she felt it would help the nation reduce its reliance on foreign oil.
It also recommends the U.S. reduce its reliance on Pakistan as a transit route for troops and goods headed for Afghanistan.
FRANKFURT — Deutsche Bank, the biggest bank in Germany, said on Wednesday that it had struck a deal that would reduce its reliance on the volatile investment banking business.
It is pushing hard into new Asian markets to reduce its reliance on Hong Kong, its main source of income.
It also plans to overhaul its semiconductor business to reduce its reliance on large-scale integrated circuits.
Other experts said it was natural, during a chilly period, that China would reduce its reliance on American companies.
More suggestions(15)
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reduce its confidence
reduce its credit
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lowering its reliance
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decreasing its reliance
cut its reliance
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com