The new deep-water container terminal, dubbed Liverpool2, has been hailed as the "beginning of a new era" for the Port of Liverpool.
The expanded port facility, which developers Peel Ports estimate will create 5,000 jobs, will be opened by Dr Fox today.
It will operate in conjunction with the existing Royal Seaforth container terminal at the Port of Liverpool.
The terminal will provide a state-of-the-art ocean gateway for UK importers and exporters with road, rail and canal connections linking directly to the heart of the UK mainland.
Mark Whitworth, chief executive of Peel Ports, said Liverpool2 would provide "state-of-the-art facilities" and create "a new trading gateway in the UK".
He said: "Today marks the beginning of a new era for the Port of Liverpool.
"Our investment will help global shippers to transport cargo more efficiently to their end destination with lower costs, congestion and carbon emissions."
Dr Liam Fox added: “Exporting is vital to the economic health of our nation. This investment at Liverpool2 will boost crucial cargo capacity, create local jobs and is yet another sign that the UK is open for business with the world.
“Liverpool is ideally located to increase our trade with countries west of the UK, including the US, Canada and South America, and this new port opens up even more opportunities with new markets and export destinations for UK businesses.”
Liverpool currently handles around 8% of the container market in the UK. This figure is now expected to rise to between 15% and 20%.