Property tycoon Stewart Milne has warned that the north-east faces an exodus of its biggest firms unless radical steps are taken to improve road, rail and air links.
The Aberdeen FC chairman, who has amassed an estimated £400million fortune through his development and construction business, believes other European cities are lining up to lure away companies that have brought wealth to the city and Aberdeenshire.
Mr Milne, 59, said the north-east may have established a strong economy but this was thanks to the impact of North Sea oil and gas and not as a result of a strong, clear, long-term plan.
“I have held the view for some time that the region has to go through a fairly major transition over the next 10-15 years,” he said.
“A number of companies are going to pose themselves the question: where is the best location for us to be for the next 20, 30, 40 years? Is it Aberdeen and the north-east? What is the real reason for staying here?
“That is the huge challenge we face, ensuring that when these companies do pose the question there is enough in the north-east to make it very, very difficult for them to leave.
“We want it to remain the place for them to be and we shouldn’t underestimate how competitive all the other regions of Europe are in trying to attract new investment.”
He is now calling on politicians and civic leaders to join forces to create a long-term strategy for the region to stop billions of pounds of investment slipping away.
Mr Milne said: “For what this region has achieved over the last 35 years, I think the infrastructure and our general connectivity with the rest of Europe and the world falls way short of what it should be.”
The Scottish Government recently approved the £395million Aberdeen Western Peripheral Route, which is expected to cut journey times in and around the city.
Businesses and commuters still face years of continuing congestion before it opens, however, and fears remain over flights to the city being pulled by major airlines to conserve lucrative “slots” at Heathrow.
A report on rail services last week claimed high fares, confusion about tickets and overcrowding were stopping people in the north-east from using trains.
Mr Milne is a member of the Aberdeen City and Shire Economic Future (Acsef) board and says his aim is to try to implement the changes he believes are required to ensure Aberdeen becomes a global energy centre for the future – starting with the city centre.
He said: “At the moment Aberdeen city centre is not used anything like it should be, either by the people of the north-east or to attract more UK and overseas visitors.
“For many it has become a shopping and clubbing centre, which they avoid when they can, and we badly need a masterplan of how we are going to make it a far more attractive proposition.
“It must have the potential to create a major asset in establishing Aberdeen as one of the top European cities – somewhere people want to go and see.”
He said a vital part of the strategy had to be the proposed City Square, which Acsef wants to build on the site of Union Terrace Gardens.
The scheme has run into opposition from campaigners who say it would mean destroying the green heart of the city.
Mr Milne said: “If we blow that this time, it will be disastrous for the city and region. It would be almost criminal if we don’t grasp Sir Ian Wood’s offer of a £50million gift and rally round and ensure this vital project is delivered.”