Several trading businesses, including those requiring a "fresh produce" and "general dealer" licences  (e.g. markets and groceries shops), are reserved for citizens and companies wholly owned by citizens. Joint ventures with at least 51% citizen shareholding are possible when involving medium and large enteprises. Foreign shareholding above 49% can be exceptionally accepted subject to approval by the Minister.
"17. (1) The Minister may, by Order published in the Gazette, declare a trade or business to be a reserved trade or business.
(2) Without prejudice to the generality of subsection (1), the Minister may make regulations prescribing that only citizens or companies wholly owned by citizens shall —
(a) be entitled to carry on a reserved trade or business — (i) in such areas in the country, as may be prescribed, or (ii) from such premises, as may be prescribed; or 
(b) engage in specific types of businesses.
(3) Notwithstanding subsection (2), a joint venture of a medium enterprise or large enterprise between a citizen and a non-citizen may be issued a trading licence or business registration certificate in a reserved trade or business where the citizen has a minimum beneficial ownership of 51 per cent of the joint venture: Provided that in such cases, as may be approved by the Minister in writing upon the written application of the citizen, that citizen may hold less than 51 per cent in the joint venture.[...]" (TRADE ACT No 25 of 2019)
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"2. In these Regulations, unless the context otherwise requires —[...]
´fresh produce" means a business that primarily sells dairy products, fruits and vegetables, bread, meat and meat products, poultry and poultry products, seafood, seasoning and spices;[...]
´general dealer" means a business selling a wide range of groceries and general merchandise, including unscheduled medicines or drugs;[...]
´takeaway" means a business that prepares and sells meals, refreshments and non-alcoholic beverages, for consumption off the premises;
[...]
24. The following business registration certificates shall be reserved for citizens or for companies wholly owned by citizens —
(a) Agent's business registration certificate
(b) Auctioneer's business registration certificate
(c) Car Wash business registration certificate
(d) Cellphone Shop business registration certificate
(e) Cleaning Services business registration certificate
(f) Curio Shop business registration certificate
(g) Dry-clean depot business registration certificate 
(h) Florist business registration certificate
(i) General Dealer's business registration certificate
(j) General Hire Service business registration certificate
(k) Imported pre-owned motor dealer business registration certificate
(l) Internet Café or Copy Shop business registration certificate; and
(m) Laundromat business registration certificate.
[...]
35. The following licences shall be reserved for citizens or for companies wholly owned by citizens —
 (a) Fresh Produce licence
 (b) Funeral Parlour licence
 (c) Hair or Beauty Parlour Licence
 (d) takeaway licence.[...]" (TRADE REGULATIONS, 2020 (S.I. No 82 of 2020))
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"2. Interpretation
In this Act, unless the context otherwise requires— [...]
"fresh produce" means a business that primarily sells dairy products, fruits and vegetables, meat and meat products; [...]
"general clothing" means a shop, not being a boutique, which sells clothes, shoes and other accessories; [...]
"general dealer" means a store selling a wide range of groceries and generalmerchandise;
[...]
15. Certain trades and businesses to be reserved for citizens
(1) The Minister may make regulations declaring any trade or business to be a reserved trade or business and a licence for such reserved trade or business shall be issued only to citizens of Botswana or companies wholly owned by citizens of Botswana.
(2) Regulations made in accordance with subsection (1) may further provide that only citizens of Botswana shall—
(a) be entitled to carry on trade or transact business—
(i) in such areas in the country as may be prescribed, or
(ii) from such premises as may be prescribed; or
(b) engage in specific types of businesses.
(3) A joint venture of a medium business enterprise between a citizen and a non citizen may be granted a licence in a reserved trade or business where the citizen has a minimum beneficial ownership of 51 per cent of the joint venture:
Provided that in such cases as may be approved by the Minister in writing upon the written application of the citizen partner, that citizen partner may hold less than 51 per cent in the joint venture.
(4) A reserved trade or business such as a bakery or take away shall be run in a non citizen owned supermarket or chain store only where the person who owns that reserved trade or business is a citizen who is licensed to run such trade or business.
(5) For the purposes of this section, "medium business enterprise" means a business which employs less than 100 people and has an annual sales turnover of between P1,500,000 and P5,000,000." (Trade Act of 2008)
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"28. Licences reserved for citizens
(1) The following licences shall be reserved for citizens of Botswana or for companies wholly owned by citizens of Botswana—
(a) auctioneer’s licence;
(b) car wash licence;
(c) cleaning services licence;
(d) curio shop licence;
(e) fresh produce licence;
(f) funeral parlour licence;
(g) general clothing licence;
(h) general dealer’s licence;
(i) hairdresser’s licence;
(j) hire services licence;
(k) laundromat licence;
(l) petrol filling station licence; and
(m) takeaway licence.
(2) A licensee shall transfer a licence referred to in subregulation (1), to a citizen of Botswana only." (Trade Regulations of 2008)

TRADE ACT No 25 of 2019
TRADE REGULATIONS, 2020 (S.I. No 82 of 2020)
Trade Act of 2008
Trade Regulations of 2008
[<a href="https://botswanalaws.com/Botswana2019Pdf/25of2019.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/bot91758.pdf">Act</a>],[<a href="https://faolex.fao.org/docs/pdf/bot91759.pdf">Reg</a>]