Continental AG, a Germany-based manufacturer of auto components and tires, will open a new electronic car parts facility in Costa Rica. According to officials from the country's economic development agency, Continental AG will invest approximately US$61 (approximately 317,200 million colones) in its first year of operations, and create 350 new jobs. The company expects to add at least 200 more in the first three years of operations. Company officials chose Costa Rica in part for its proximity to the United States, and plan to make use of the advantages afforded to Costa Rica via the Central American Free Trade Agreement (CAFTA) to export its products to the U.S. Costa Rica is the third Latin American country in which Continental has established operations; they currently have seven plants in Mexico and Brazil.