The 38-year-old made his Wales debut in 1991 but retired from international football in 2007 having not succeeded in pushing his country to their first major finals since the World Cup in 1958.
And Giggs, who has been appointed as team captain for London 2012, says that he is relishing the opportunity to finally make his tournament debut.
He told reporters: "No, I didn't quite get to a major tournament with Wales, which will always remain a big disappointment.
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The Welsh, Scottish, and Northern Irish football associations had been reluctant to embrace the unified Great Britain football team, citing fears over their ability to play as a separate entities in the future.
And, though five Welsh players were eventually included in the 18-man squad, none from Scotland or Northern Ireland were selected.
However, when asked about the politics surrounding the issue, Giggs chose to focus on football, saying: "All I have seen [is what is] in the press, really.
“As a player and a Welshman, I just wanted to be involved. Just like the Welsh lads involved, they're Welsh but we just wanted an opportunity to play for Great Britain in an Olympics on home turf so I think it was a chance we couldn't turn down.
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Giggs also addressed the absence of the his former United team-mate David Beckham, who had been widely expected to be named in Stuart Pearce’s side after featuring heavily in the campaign to promote the Games.
"It is disappointing for David, obviously not being involved," he added.
"As a friend I am disappointed for him but as a player you just get on with it and just try to enjoy the experience and that is what I am trying to do."