POSCO ICT Co., a unit of South Korea's leading steelmaker POSCO, said Tuesday it will make efforts to sell its airport baggage system overseas amid the launch of new airports in China and the Middle East.

The company, which has operated the system in South Korea's main gateway, Incheon International Airport, since 2001, said it has completed the development of the solution to fit mid-sized airports as well, targeting emerging countries around the globe.

The Baggage Handling System helps distribute travelers' luggage through readable tags attached to the bags.

""(We) will be able to secure competitiveness for the advancement into overseas market such as drastically lowering the development period and the cost by making the existing system into a solution," the company said in an English statement.

POSCO ICT said it also seeks opportunities in Iran as economic sanctions on the country are being lifted.

Citing the data compiled by industry tracker MarketsandMarkets, the company said the world's BHS market is estimated at 7.6 trillion won ($6.5 billion) this year and is expected to reach 11 trillion won by 2020. (Yonhap)