Japan's Economic and Fiscal Policy Minister H. Takenaka met India's Finance Minister P. Chidambaram here Thursday to discuss ways to improve economic, trade and investment relations between the two countries.

The visiting Japanese minister conveyed his government's condolences on the widespread loss of life and property caused by the tsunami disaster in India.

With the Indian government due to present the national budget next month, the two ministers also discussed the blueprint for tax reforms in India and Japan.

Chidambaram outlined India's strategy for accelerating economic growth and to improve infrastructure and emphasised the importance of investments, both domestic and overseas, for accelerating economic growth.

He briefed Takenaka on New Delhi's "Look East" policy and called for stronger relations with countries in East and Southeast Asia and the Association of Southeast Asian Nations (ASEAN).

Takenaka said there were complementarities in the two economies in several fields and emphasised the need to take advantage of them to accelerate economic growth and realise the full potential of the relationship.