Graham Cole, who is also chairman of Yeovil-based helicopter manufacturer AgustaWestland, has urged the Westcountry's business community to put aside any personal views they have about Europe and to focus instead on trading with the continent.
"No matter what our personal views, we have got to get to grips with the real issue," he said.
The issue of Britain's membership of the EU has again come to the political fore in recent months as continued economic uncertainty in the eurozone has raised concerns that Britain's economic growth could be stymied by the poor performance of its near neighbours.
UKIP's strong performance in May's local elections has given added weight to anti-European sentiments.
In addition, Prime Minister David Cameron has promised to renegotiate the terms of the UK's EU membership and to put any new settlement to a referendum to be held sometime after the next UK general election, which is due in 2015.
Mr Cole said: "I have my own personal views about Europe but the idea that, as a region, and group of businesses you can develop and, at the same time, run a strategy that indicates that you would be prepared to come out Europe... I go all over the world and that's stark, staring bonkers."
Mr Cole was the keynote speaker at the launch of the WMN's Annual Business Guide, which was held yesterday at Exeter Racecourse.
His view was echoed by James Finnegan, partner at Bishop Fleming, the guide's main sponsor.
"It's important to keep politics to one side. If you look at it, it makes absolute sense to have close ties with our largest trading partner," he said.
"Having said that, however, it doesn't mean that businesses don't pursue other fast growth economies like China and Brazil to make sure we don't sneeze when European economies have a cold."
The last few months have brought encouraging signs for the UK's economy, with house prices on the up and business confidence at its highest level since 2007, according to the latest survey from the British Chambers of Commerce.
But all indications are that growth will be slow with few pundits brave enough to start talking about 'green shoots' just yet. The Bank of England's Monetary Policy Committee this week warned recovery 'remains weak by historical standards and a degree of slack is expected to persist for some time', meaning that trading conditions are likely to remain challenging for some time yet.
Because of this continued fragility, confidence will be crucial to the UK's economy as it edges out of recession and Mr Cole urged the South West's business community to shout about its successes at every opportunity.
"All of us, as business men and women, need to be positive," he said.
Investment in skills and infrastructure in the Westcountry will also be crucial to the region realising its potential and attracting new businesses.
"If we want to attract business here we have to have a skilled workforce," added Mr Cole.
"I believe that transport is very important. Dualling the A303 has been identified as a priority for government investment and that does make a difference.
"It has come up the priority list and I believe it will happen. It's up to all of us to keep on and on about transport."
Mr Cole praised the coalition government's attitude to business, saying 'they get it'. But he urged politicians to follow Germany's lead by retaining the UK's industrial strategy, rather than seeing it as part of crisis management during the recession.
