The new venue is set to be built by a partnership of Liverpool City Council and ACC Liverpool, home to BT Convention Centre and Echo Arena.
The facility, which will be adjacent to ACC Liverpool on the Kings Dock, will cost in the region of £40m and be open for business in September 2014.
In its first year of operation, it is expected to host about 50 events and attract some 250,000 visitors.
It is estimated that the exhibition and event programme will support 1,300 jobs in the wider economy and contribute an estimated £40m per year to the city region.
Announcing the news, Liverpool City Council leader Joe Anderson said: "This is great news for the city. It’s a really exciting project which will deliver a major boost to the city’s economy, creating hundreds of jobs and attracting thousands of new visitors every year.
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"This investment is a significant milestone in the ongoing renaissance of Liverpool which will benefit everyone in the city for decades to come."
Plans include a sky bridge to connect it to the existing facility, making ACC Liverpool the only purpose built interconnected arena, convention centre and exhibition facility in the UK.
Funding for the development is set to be raised through borrowing, supported directly from the revenue generated by the centre, so that the development will be at zero cost to tax-payers.
A 200-bed four or five-star hotel is included in the development plans but will be funded separately through the private sector.
The 8,100m2 exhibition centre will be wholly owned by Liverpool City Council but will be managed by the existing ACC Liverpool management team.
It will be used to stage both trade and consumer exhibitions, as well as large scale national and international conferences with attached exhibitions, large scale banquets and concerts for up to 10,000 people standing.
A planning application is likely to be submitted in March 2012, with work on-site likely to start in early 2013. Neighbouring businesses and residents will be consulted in advance of the application being made.
Approximately 150 people would be employed during construction, with an estimated further 1,300 jobs supported by the exhibition and events programme once the complex is open.
(CD/KMcA)
