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He beat Omar Ayub, the candidate backed by jailed former Prime Minister Imran Khan.
Pakistan Muslim League-Nawaz president Shehbaz Sharif will become PM again, and PPP co-chairman Asif Ali Zardari will be the joint candidate for the president's office.
"My message to the Indian leadership and Prime Minister Narendra Modi is let's sit down at the table and have serious and sincere talks to resolve our burning issues, like Kashmir," Sharif said in an interview with Al Arabiya news channel, telecast by Pakistan's state run TV on Tuesday.
In the letter, Shehbaz Sharif said socio-economic development of the people of the two countries can be achieved through meaningful India-Pakistan engagement.
Shehbaz Sharif said he wanted good relations with India, but it cannot be achieved without the resolution of the Kashmir issue.
PTI's prime minister candidate Shah Mahmood Qureshi announced that his party will boycott the voting to elect new premier in Parliament minutes after the National Assembly's crucial session began to elect Imran Khan's successor.