It said the most challenging issues before the world including on security, climate and cyber fronts are not limited by borders and they travel without passports, but cooperation was still possible and was happening.

WEF Founder and Executive Chairman Klaus Schwab said this occasion should be used as an opportunity to rebuild trust in each other. At the first plenary of the WEF Annual Meeting 2024, Schwab said the world today may be more connected geographically but it is also a lot more divided and fragmented.

"We are also seeing unprecedented risks on technology front," he said. "Let's use this meeting to rebuild trust in each of us for the future of humanity," he said.

WEF president Borge Brende said, "We have nearly 3,000 participants from more than 125 countries here at the 54th Annual Meeting of the World Economic Forum."

"We are seeing a very complicated security landscape and a very fragile global economy. The most urgent issues faced by companies and countries including on security, climate and cyberspace are not limited by borders. They do travel without passports.

"Still cooperation is possible and is happening. We are looking forward to a lot of progress on this front this week here at Davos," he said.

Meanwhile, Swiss President Viola Amherd on Tuesday said that rapid advances in artificial intelligence are allowing disinformation appear more credible and cautioned against policies based on lies.