Presenting a draft master plan, acting managing director Simon Richards said the airport was targeting a 40% increase in passenger numbers within the next 15 years.

Much of it would be driven by the investment, which would go into increasing capacity and improving the passenger experience.

This would be achieved by a major expansion of terminal facilities, the construction of new airport stands and working with other parties to improve road access to the airport.

Richards said the improvements would mean the airport is able to hit the targeted growth while continuing to operate off the existing single runway.

The plan adds that more flights and destinations as well as improved regional connectivity and the HS2 link will help drive the regions economy which could increase as much as 42% to £2.1 billion a year.

The master plan is now being put out to public consultation until the end of January.

Richards said: “Birmingham airport is already the preferred national and international aviation hub for the Midlands and our ambition is to build on this to become one of Europe’s leading regional airports, acting as a key economic accelerator, delivering great service to passengers, and helping to showcase the region.

“Over the next 15 years, we will expand and significantly improve the airport to maximise our potential as a single runway airport by investing £500 million.

"Our plans take account of our forecast growth and will increase operational efficiency for our airlines and partners and improve the experience for our passengers."