The 15-year plan sets out how the airport can make the best use of its existing runway, with major upgrades to passenger facilities and surface access.

The airport estimates it could add £3.6bn in gross value added to the West Midlands economy and create more than 50,000 jobs, including 3,800 on site.

The first phase could begin next year, with investment in baggage facilities, additional aircraft stands, terminal improvements and better access to the airport.

A public consultation will run for eight weeks, with people able to respond online or by post, or attend any of 20 events from 16 October. The first will be held in Hampton in Arden.

A final report will be published in 2027 showing how feedback has influenced the final plan and future funding commitments.

Nick Barton, chief executive of Birmingham Airport, said: “Birmingham Airport is the Midlands' principal international airport already facilitating and supporting trade, tourism, investment and employment in the region.

“As Birmingham is the UK's second city, our future plans will help secure ongoing growth in the region, benefiting more people and businesses in the West Midlands with new jobs, better transport links and enhanced connectivity.

“The £2bn proposed investment is unprecedented at Birmingham Airport and will take our airport close to 30m passengers. This level of ambition sends a strong signal of support and confidence in our airport and wider region.”

However, Mr Barton warned delivery of the plan is “reliant on a fair and stable taxation environment.

He added: “It is a normal expectation that investments generate returns. Unless tax and regulatory environments are made more favourable and stable for major infrastructure investment, they may not materialise.”

The airport said English airports face continued uncertainty over valuations, which has already seen the business rates bill at Birmingham Airport double.

It also cited rising running costs from employment, energy and taxes.

Transport Secretary Heidi Alexander said: “Birmingham Airport's Masterplan will be a massive boost to the West Midlands, unlocking investment and creating 50,000 well-paid local jobs to get people into employment.”

West Midlands Mayor Richard Parker said: “This ambitious masterplan and the investment it will bring is a massive boost for the West Midlands economy.

“It's set to bring thousands of new jobs, better international links, and unlock vital backing for local businesses and supply chains.

“This consultation gives local people and business owners a chance to have their say and help shape the airport's expansion so that it brings lasting benefits for our communities.”