Hong Kong has won the bidding to host the International Mathematical Olympiad (IMO) in 2016.
The event is regarded as the championship mathematics competition for pre-university students.
Past IMO medallists have gone on to become recipients of the Wolf Prize - the maths community's equivalent to the Nobel Prize.
The IMO Hong Kong Committee was founded in 1986. Tourism sector lawmaker Paul Tse Wai-chun said he believed it was time Hong Kong staged the elite event.
"It shows what can be achieved if you put in the effort. The IMO Hong Kong Committee has set an example for the rest to follow," he said.
Tse called on the government to support the event, after previous missed chances to make the city an attractive venue for international events.
Last weekend, when pollution levels approached the worst ever recorded in Hong Kong, the government snubbed an opportunity to bring one of the world's most environmentally friendly and high-profile sporting events to the city.
The new Formula E Championship races will feature cars powered exclusively by electric energy.
Organisers regarded Hong Kong as an ideal venue, but the government was not interested.
When the event's promoter, Formula E Holdings, made public its preliminary list of eight cities selected to host races next year, Hong Kong's name was missing.
"Not supporting Formula E was a missed opportunity but hopefully the government will not make the same mistake again and give financial support," Tse said.
"It's about time there was less talk about attracting these kind of events here and more action. This opportunity should be maximised."