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Manston in Kent should be used to ease congestion at Heathrow and Gatwick, bosses have told the Airports Commission.
They envisage that Manston, near Ramsgate, could be a "reliever airport" when the main London airports are busy.
It could be welcoming 10 million passengers a year by 2033 - and up to 16 million passengers and one million tonnes of freight by 2050 - by taking low-cost passenger and freight traffic from the region's congested airports and providing a maintenance repair and overhaul service for the south east.
"Most people acknowledge that no new runways will be delivered within 10 or 15 years, if not longer..." - Manston Airport chief executive Charles Buchanan
They also want lower Air Passenger Duty rates for regional airports.
Charles Buchanan, chief executive of Manston Airport, said: "There's been much discussion about the construction of new runways at Heathrow, Gatwick, Stansted, and plans for a four runway hub airport on the Isle of Grain or in the Thames Estuary.
"One of the key challenges facing the commission is how they tackle the issue of deliverability, and it is therefore vital that the potential of the smaller regional airports in the South East of England is given serious consideration.
"Most people acknowledge that no new runways will be delivered within 10 or 15 years, if not longer.
"The real danger is that the competitiveness of the South East and London will be compromised, so it is essential that in the interim we make the best use of those runways and airports that have already been built. Manston is available for growth now."