Dover Habour Board has announced it could create over 600 new logistics jobs and safeguard another 140 positions through a new cargo terminal.
The project would contribute to a long-term plan to regenerate Dover and the Western docks, as well as protect long-term port capacity.
Dover Harbour Board gained government approval in 2012 to develop the Western docks and has reviewed the masterplan for this project over several months.
Port of Dover chief executive Tim Waggott, said: “The port is determined to do more for and with its community while working with its major customers to achieve mutual success for the benefit of the nation.”
The board has also decided that transferring cargo operations to the Western docks would increase ferry berth capacity in the East.
Chairman of Dover Harbour Board George Jenkins said: “Transforming this part of the port estate can in turn support the wider transformation agenda, one which sees the port and town working together.”
Paul Watkins, leader of Dover District Council, said delivering major port development that protects port capacity while creating a catalyst for major regeneration will be a significant boost to the region.
Chairman of the South East Local Enterprise Partnership Peter Jones, said: “Port development must be seen as part of a wider strategic vision to establish an alternative transport corridor to the midlands and the north through a new Thames Crossing.”