President Shimon Peres and Jordan's King Abdullah expressed hope in Switzerland on Saturday that U.S. President Barack Obama's second term would provide the necessary catalyst to jump start the moribund Israeli-Palestinian peace process.

Meeting at the World Economic Forum in the Swiss city of Davos, the two leaders discussed efforts to get Palestinian and Israeli representatives back to the negotiating table.

"We're running out of time for any solution concerning two states for two peoples," Abdullah cautioned at a press conference following the one on one meeting with Peres.

"Actually, we only have four years. The idea of a two-state solution won't make it past [U.S. President Barack] Obama's second term," he added.

The conversation with Abdullah was one of many such meetings Peres held with various other heads of state, presidents and the CEOs of leading international corporations.

In the president's meeting with his Swiss counterpart, Ueli Maurer, the two discussed Israeli-Swiss cooperation in security matters, especially in light of a strategic defense agreement that was signed recently between Israel and the western European nation.

"Relations between Switzerland and Israel today are optimal," Peres told the Swiss president, who also serves as the country's defense minister.

"I want to thank you for your personal involvement, and I can only expect the tightening of our two nations' strategic defense relations to continue," Peres said.

Maurer thanked Peres for his comments and stressed his nation's understanding of Israel's geographical situation, and the Jewish state's emphasis on defense issues. The strategic defense relations between Israel and Switzerland will only continue to grow, he agreed.

Azerbaijani President Ilham Aliyev and Georgian Prime Minister Bidzina Ivanishvili made similar statements in meetings with the Israeli president.