Peru's President Alan Garcia was on hand for the official opening of the Muelle Sur container terminal in the country's busiest port, Callao.
"This was, and will once again be the [most important] port in South America," state news agency Andina quoted Garcia as saying.
The port, which will now be able to receive post-Panamax ships, will make others in the region "secondary" facilities, according to Garcia.
Concessionaire DP World completed work eight months ahead of schedule on the 225,000m2 terminal, which is equipped with six post-Panamax gantry cranes and 18 RTG cranes.
The terminal required an investment of US$500mn, with another US$114mn spent on complementary works, paper La Republica reported.
DP World will invest an additional US$200mn to expand the terminal by another 250m2, according to transport and communications (MTC) minister Enrique Cornejo.
The project will allow the terminal to double its cargo handling capacity to 2mn TEUs/year, Andina said in a separate report.