Prime Minister Shehbaz Sharif said on Monday that the cooperation with Austria in renewable energy and mining was of great importance for Pakistan.

Addressing the Pak-Austria Business Forum, he said Pakistan was rich in natural resources and its economy largely depended on agriculture. The prime minister said several projects had been launched for the development of youth, adding that the younger generation of the country was highly talented.

He said one-on-one and delegation-level talks were held with the Austrian leadership.

The prime minister said he had a constructive and meaningful discussion with Austrian Chancellor Christian Stocker.

He said relations between the two countries were based on historical ties spanning decades.

Prime Minister Shehbaz Sharif said Pakistan and Austria enjoyed long-standing brotherly relations.

He expressed pleasure while addressing an important business forum.

Meanwhile, Deputy Prime Minister Ishaq Dar has said that Pakistan holds the status of an important market owing to its strategic location.

He said that under the leadership of Shehbaz Sharif, full attention remains centred on economic diplomacy.

The deputy prime minister said that the holding of forums for economic and trade activities carries significance and strengthens commercial engagement.

Earlier, Prime Minister Shehbaz Sharif on Monday received a warm welcome and a guard of honour at the Austrian Chancellery in Vienna, where he arrived to meet Austrian Federal Chancellor Christian Stocker.

Upon his arrival at the formal reception ceremony, he was received by Chancellor Christian Stocker.

The national anthems of Pakistan and Austria were played. The Austrian honour guard presented a guard of honour to the prime minister, which he reviewed, accompanied by the chancellor.

Both leaders introduced their delegations before holding a tête-à-tête followed by delegation-level talks covering the entire spectrum of bilateral relations.

The prime minister also recorded his remarks in the guest book placed at the Chancellery.