"Despite this cowardly attack, the Israeli National Olympic Committee never turned its back on the Olympic Games," Bach declared. 

Eleven members of the Israeli  Olympic team died as a result of the attack in 1972 and a Munich policeman was also killed.

"Israeli athletes have continued to compete in the Olympics and are committed to the unifying power of the Olympic Movement, that's why we commemorated the Israeli victims and the German police officer with a minute's silence at the Opening Ceremony of the Tokyo Olympics, today we want to bow again in honour of the victims," Bach added.

Bach also helped unveil a new installation of Olympic Rings outside the Munich stadium.

"The Olympic Rings unveiled today in Munich are a symbol of the permanence of Olympic values and the resilience of the Olympic Games," Bach said.

"The Olympic Rings show us that sport can make the world a little bit better, through the Olympic values of solidarity and peace, which prevail over all forces of hate and division." 

Bach hailed the impact of the 1972 Games which were the largest yet seen and deliberately planned to present a contrast to the infamous 1936 "Nazi" Olympics in Berlin.

"They stand for the new Germany of the post-war period," Bach told guests at the anniversary celebration.

"Down to the smallest detail, the architecture and the conception of these Games reflected the spirit of openness, frankness and joie de vivre."

The gathering featured Olympic officials and champions from 1972 including Ulrike Nasse-Meyfarth, who won high jump gold at the Games as a 16-year-old schoolgirl.

The ceremonies were part of a series of special events held in the park over the weekend to celebrate the 1972 Games.

These included a parade of sports organisations, a reunion of medallists and an opportunity for local residents to take part in sports events.

Other commemorative events are set to follow through the rest of the summer.