Foreign investment in a “reserved sector of the economy” (including distribution, artisanal mining, road passenger transportation, among others) is allowed subject to approval by the Minister. In addition, the State shall also secure that at least 51% of the share capital of every designated extractive business, that is to say a company, entity or business involved in the extraction of such minerals as may be prescribed by the Minister (in consultation with the Minister responsible for Mines and the Minister responsible for Finance) shall be owned through an appropriate designated entity (i.e. Zimbabwe Mining Development Corporation, Zimbabwe Consolidated Diamond Company or the National Indigenisation and Economic Empowerment Fund) with or without the participation of a community share ownership scheme or employee share ownership scheme or trust, or both. The latter restriction is not discriminatory towards foreign-owned investors and, thus, not considered a restriction under the OECD FDI RRI.
"2. Interpretation
"(1) In this Act—
“appropriate designated entity” means any of the following entities (and such other entities as may be designated by the line Minister by notice in the Gazette)—
(a) the Zimbabwe Mining Development Corporation established in terms of the Zimbabwe Mining Development Corporation [Chapter 21:08], and any company or other entity incorporated by the Zimbabwe Mining Development Corporation or by the Republic of Zimbabwe for the purposes of section 3(2b); or
(b) the Zimbabwe Consolidated Diamond Company, being a wholly Government-owned private limited company involved predominantly or exclusively in the extraction for profit of diamonds, that was incorporated on the 11th May, 2015; or
(c) the National Indigenisation and Economic Empowerment Fund; [definition inserted by Act 1 of 2018] [...]
“reserved sector of the economy” means the sector comprising those kinds of businesses reserved for citizens of Zimbabwe under the First Schedule;
[...]
2A. Application of Act
For the avoidance of doubt it is declared that this Act shall not apply to any business in the national economy other than those specified in section 3(1) and those in the reserved sector of the economy, and that accordingly any person is free to invest in, form, operate, and acquire the ownership or control of any business not included in section 3(1) or in the reserved sector of the economy.
Part II – Indigenisation and economic empowerment: General objectives and measures
3. Objectives and measures in pursuance of indigenisation and economic empowerment
(1) The State shall, by this Act, or through regulations under this Act or any other la secure that at least fifty- one per centum of the shares or other ownership interest of every designated extractive business, that is to say a company, entity or business involved in the extraction of—
(a) diamonds; or [repealed by Finance Act No 10 of 2020]
(b) platinum;  [repealed by Finance Act No 10 of 2020]
shall be owned through an appropriate designated entity (with or without the participation of a community share ownership scheme or employee share ownership scheme or trust, or both). [...]
3A. Reserved sectors of the economy
(1) Subject to subsections (2) and (10), only a business owned by a person who is a citizen of Zimbabwe may operate in the reserved sector of the economy.
(2) Every business owned by a person who is not a citizen of Zimbabwe that, before the 1st January, 2018, commenced operating in the reserved sector of the economy may continue to operate if— (a) it registers itself with— (i) the Zimbabwe Revenue Authority; (ii) the Unit, in accordance with subsection (3); and (b) it opens and maintains a bank account in accordance with the Bank Use Promotion Act [Chapter 24:24].[...]
(4) Any person who is not a Zimbabwean citizen and who, after the 1st January, 2018, wishes to operate a business in the reserved sector of the economy shall seek the permission of the Minister referred to in subsection (10).[...]
(10) Subject to subsection (11), a person who is not a Zimbabwean citizen may, after the 1St January, 2018, invest in a business in the reserved sector of the economy if that business meets such criteria or threshold as the Minister will prescribe based on the following objectives— (a) significant and sustainable employment creation in Zimbabwe; (b) the transfer of skills and technology for the benefit of the people of Zimbabwe; (c) the creation of sustainable value chains; (d) other prescribed socially and economically desirable objectives.
[...]
First Schedule (Section 3A(1))
Reserved/threshold sectors 
1. Transportation: passenger buses, taxes and car hire services. 2. Retail and wholesale trade. 3. Barber shops, hairdressing and beauty saloons. 4. Employment Agencies. 5. Estate Agencies. 6. Valet services. 7. Grain milling. 8. Bakeries. 9. Tobacco grading and  packaging. 10. Advertising Agencies. 11. Provision of local arts and craft, marketing and distribution. 12. Artisanal mining. [...]" (Indigenisation and Economic Empowerment Act (Chapter 14:33) of 2008, as amended)
-----------------------
"36 Amendment of section 3 of Chapter 14:33
Section 3(1) of the Indigenisation and Empowerment Act [Chapter 14:33] is amended—
(a) by the insertion after “extraction of” of ‘such mineral as may be prescribed by the Minister in consultation with the Minister responsible for Mines and the Minister responsible for Finance;
(b) by the repeal of paragraphs (a) and (b). [...]" (Finance (No. 2) Act, 2020 (Act 10 of 2020))
Indigenisation and Economic Empowerment Act (Chapter 14:33) of 2008, as amended
Finance (No. 2) Act, 2020 (Act 10 of 2020)
[<a href="https://zimlii.org/akn/zw/act/2007/14/eng@2018-03-14">Act</a>],[<a href="https://zimlii.org/akn/zw/act/2020/10/eng@2020-12-31">Act</a>]