The government announced Wednesday that Osaka has been chosen as the venue for next year's summit meeting of advanced and emerging economies at a time when Japan assumes the G-20 presidency for the first time.

Prime Minister Shinzo Abe made the decision based on the city's successful hosting of the Asia-Pacific Economic Cooperation summit in 1995, Chief Cabinet Secretary Yoshihide Suga said.

The government also "comprehensively took into consideration such factors as the number of hotel rooms and security aspects," the top government spokesman said at a news conference.

Government sources earlier said the summit is being arranged for sometime between late June and early July. But, according to Suga, the meeting's schedule has not been officially finalized.

Meanwhile, the city of Fukuoka has been picked to host the meeting of G-20 finance ministers and central bank governors, he said.

Last year in November, both the prefecture and city of Osaka jointly submitted a proposal to the Foreign Ministry to host the summit at the Intex Osaka convention center.

Osaka officials made the case to the central government that a successful G-20 would boost its international recognition and in turn help its bid to host the world expo in 2025.

The G-20 summit will bring together leaders from Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.