A new study has highlighted the need to redevelop a town as a "capital for the west" of Dumfries and Galloway.
It aims to build on Stranraer's role as a "gateway to Europe, Ireland, Dumfries and the rest of Scotland".
The report to go to Dumfries and Galloway Council said there had been significant activity in the area in recent years.
However, it said a long-term strategy was needed for the wider regeneration of the town.
The report highlighted the "underleveraged potential" of the area.
It said there were opportunities to benefit from its food and drink offering and nearby ferry port.
The need for investment in strategic transport links - on the road and rail service - was also underlined.
The study added that opportunities for the area continued to grow around events like Wigtown Book Festival and Stranraer Oyster Festival.
Work is also ongoing on a multi-million pound development of the waterfront area.
The report stressed that any long-term strategy had to be about the wider area in partnership with the public and private sector and the community.
A major consultation programme on the project is planned for early next year.