Armenia offered privatization investment in its ten largest enterprises using the privatization vouchers as the instrument to make the transition to free enterprise in the 1994-95 period. Some of the companies involved were an automobile plant, a pastry facility and an electrical equipment plant.

The effect was that these enterprises were converted into joint stock companies with investment available to all, including non-residents. Foreigners were given a special Dram exchange rate in order to encourage foreign investment.