Foreign shareholding in companies undertaking certain medium/large-scale paper, wood, furniture activities (e.g. packaging, burglar bars, gates and windows, fencing materials, school furniture etc.) is limited to 49%.
"2. In this Act — […]
“industrial licence” means a licence issued under section 8 to operate a manufacturing enterprise;
[…]
Manufacturing enterprises requiring industrial licence
5. (1) A person shall not operate a manufacturing enterprise, to manufacture for sale —
(a) animal feed; (b) baby formula; (c) food; (d) beverages; (e) cement; f) chemical products; or (g) such other products as the Minister may prescribe,
at any place in Botswana except in terms of an industrial licence issued by the Director, in accordance with this Act, authorising the person to manufacture such a product. [...]
(5) The Minister may make regulations —
(a) reserving industrial licences, for citizens of Botswana or companies wholly owned by citizens of Botswana —
(i) to operate certain manufacturing enterprises; and (ii) to operate certain manufacturing enterprises in specific areas within Botswana; and
(b) specifying which medium or large manufacturing enterprises reserved for citizens of Botswana or companies wholly owned by citizens of Botswana may be licensed to operate as joint ventures by citizens and non-citizens.
(6) Regulations made under subsection (5) (b) shall impose conditions on industrial licences issued to joint ventures including a condition that in any joint venture arrangement a citizen partner must hold a minimum of 51 per cent shareholding in the joint venture.
6. (1) A person shall not operate a manufacturing enterprise unless he or she has been issued with an industrial licence in terms of this Act.
(2) When applying for an industrial licence in terms of subsection (1), an applicant shall state — [...]
(e) where the application is made by partners in a joint venture arrangement, information relating to the shareholding by the partners which demonstrates that the citizen partner has a minimum of 51 per cent shares.
[...]
PART III - Registration of Manufacturing Enterprises (ss 15-23)
15. Application of Part III
 (1) This Part applies to all manufacturing enterprises that do not require to be licensed under Part II including micro manufacturing enterprises and small manufacturing enterprises.
 (2) A manufacturing enterprise requires registration under this Part where it does not-
 (a) present any health and safety concerns in its manufacturing processes or in the products or byproducts that it manufactures; or
 (b) pose a danger to public health or if, in the manufacturing process, a danger to public health will or is likely to occur.
[...]
16. Registration requirements
 (1) A person shall not operate a manufacturing enterprise unless the manufacturing enterprise has been registered and the person issued with a registration certificate under this Part.
 (2) The Minister may make regulations-
 (a) reserving registration certificates, for citizens of Botswana or companies wholly owned by citizens of Botswana-
 (i) to operate certain manufacturing enterprises, and  (ii) to operate certain manufacturing enterprises in specific areas within Botswana;
 (b) specifying which medium or large manufacturing enterprises reserved for citizens of Botswana or companies wholly owned by citizens of Botswana may be registered to operate as joint ventures by citizens and non-citizens.
 (3) Regulations made under subsection (2)(b) shall impose conditions on registration certificates issued to joint ventures including a condition that in any joint venture arrangement a citizen partner must hold a minimum of 51 per cent shareholding in the joint venture.[...]" (INDUSTRIAL DEVELOPMENT ACT No 23 of 2019)
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"[...] Industrial licences reserved for citizens
PART II — Industrial Licences
3. An industrial licence to operate any of the following manufacturing enterprises shall be reserved for citizens in terms of section 5 (5) (a) of the Act —
(a) bread and confectionery; (b) ice making; (c) meat processing; (d) peanut butter; (e) purification and bottling of water; (f) traditional sour milk, and (g) sorghum.
[...]
PART III — Registration Certificates [...]
Registration certificates reserved for citizens
11. A registration certificate to operate any of the following manufacturing enterprises shall be reserved for citizens in terms of section 16 (2) (a) of the Act —
(a) bricks; (b) burglar bars, gates and windows; (c) candles; (d) fencing materials excluding gum poles; (e) floor polish; (f) packaging; (g) protective clothing; (h) roof trusses; (i) school furniture; (j) school uniform; (k) screen printing and embroidery; (l) signage include electronic signage; (m) traditional crafts; (n) traditional leather products [...]" (INDUSTRIAL DEVELOPMENT REGULATIONS, 2020 (S.I. No 81 of 2020))
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"16. Licence requirements
(1) Subject to the provisions of this Act, no person shall manufacture, for sale, any product at any place in Botswana unless he or she is in possession of a licence to manufacture such product at such place, issued by a licensing committee.
(2) An application for a licence to carry on a manufacturing enterprise shall be made in the prescribed form to a licensing committee.
(3) Any person who contravenes the provisions of subsection (1) shall be guilty of an offence and liable to a fine of P10,000, or to imprisonment for a term not exceeding two years or to both, and, in the case of a continuing offence shall be liable to a further fine of P500 or to imprisonment for one month in respect of each day on which the offence continues. 
[...]
27. Certain industries to be reserved for citizens
(1) The Minister may make regulations providing that licences to carry on such enterprises as may be prescribed shall be issued only to citizens of Botswana, or to companies wholly owned by citizens of Botswana.
(2) Regulations made under this section may provide that only citizens of Botswana shall be entitled to carry on a particular enterprise in such areas in the country as may be prescribed.
(3) Notwithstanding the provisions of this section, the Minister may make regulations providing that licences to carry on enterprises reserved for citizens and which enterprises fall within the medium or large scale category shall be issued to joint ventures between citizens and foreign partners, provided that the citizen partner holds a minimum of 51 per cent share holding in the joint venture." (INDUSTRIAL DEVELOPMENT ACT S.I. 22, 2008)
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"13. Reservation of enterprises for Botswana citizens
(1) The following types of small scale manufacturing enterprise shall be reserved for Botswana citizens or companies wholly owned by Botswana citizens–
(a) the manufacture of school uniforms;
(b) the manufacture of school furniture;
(c) the manufacture of burglar bars;
(d) the manufacture of protective clothing;
(e) the milling of sorghum;
(f) the manufacture of cement bricks and baked earth (mud) bricks;
(g) the baking of bread and confectionery;
(h) manufacture of peanut butter;
(i) bottling of water;
(j) the production of traditional sour milk;
(k) packaging;
(l) the manufacture of floor polish;
(m) the manufacture of traditional leather products;
(n) the manufacture of traditional crafts;
(o) signage, including electronic signage;
(p) fencing materials excluding gum poles;
(q) the manufacture of candles;
(r) ice making;
(s) meat processing:
Provided that any person engaged in the manufacturing enterprises referred to above and who is so engaged at the date of commencement of these Regulations shall be permitted to continue such manufacturing subject to compliance with other requirements of these Regulations." (INDUSTRIAL DEVELOPMENT REGULATIONS SECTION 33, 2008)
INDUSTRIAL DEVELOPMENT ACT No 23 of 2019
INDUSTRIAL DEVELOPMENT REGULATIONS, 2020 (S.I. No 81 of 2020)
INDUSTRIAL DEVELOPMENT ACT S.I. 22, 2008
INDUSTRIAL DEVELOPMENT REGULATIONS SECTION 33, 2008
[<a href="http://extwprlegs1.fao.org/docs/pdf/bot195231.pdf">Act</a>],[<a href="https://www.bocra.org.bw/sites/default/files/covid19-docs/Extraordinary%20Gazette%2020th%20May%202020%20copy.pdf">Reg</a>],[<a href="https://faolex.fao.org/docs/pdf/bot91753.pdf">Act</a>],[<a href="https://faolex.fao.org/docs/pdf/bot91760.pdf">Reg</a>]