The victim was identified as Ignacio Uria Mendizabal, 71, one of the heads of a company participating in the construction of a high- speed rail network which had come under threats from the militant Basque separatist group ETA.
Two people shot Uria Mendizabal in the head and chest as he was about to leave his car in the car park of a restaurant where he came daily to play cards.
Health workers failed to revive the victim who died of his injuries.
The attackers fled by car. Reports said they may have used a vehicle robbed a few hours earlier from its owner who was found with his hands tied.
ETA had carried out several minor attacks against companies participating in the construction of the rail network, which is to link the Basque cities of Bilbao, San Sebastian and Vitoria with each other, Madrid and France.
ETA sees the rail project as representing the interests of the Basque region's governing Basque Nationalist Party (PNV), which it regards as too moderate in promoting the Basque nationalist cause.
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