President Barack Obama and former President Bill Clinton joined the U.S.-Africa Leaders Summit on Tuesday to promote healthy trade among the two nations.

The three-day summit, which began Monday, had almost 50 business leaders attending in the Washington, D.C., venue. They are expecting to close about US$900 million in trade deals that will be announced by the end of the week.

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The summit aims to highlight the untapped opportunities for U.S. businesses in Africa. Clinton said Africa has resources that businesses could invest in. He said the U.S. is missing the opportunity that could be essential to the growth of both nations.

During the summit, the president boosted investor confidence by emphasizing on the fast rise of the African economy. The continent holds six of the world's top 10 fastest growing economies. Africa is also the center for emerging middle class, according to Washington Post.

Obama also talked about the importance of entrepreneurship in Africa. He said that to be able to cater the next Google or the next Facebook in Africa, it should have the opportunity to learn and participate in the financial market and access to investors who could help ideas transform into tangible economic assets.

Amadou SY, senior fellow in the Africa Growth Initiative, said people typically view Africa as place for humanitarian outreach, but the summit could help the public redirect their attention from the continent's health or security issues to the vibrant Africa that caters opportunities.

He said he acknowledges the fact that they are facing multiple issues like Sehal, Boko Haram and other news, but what people do not notice is that the rest of Africa is moving really fast.

Amadou  also said that America's support made sense. He referred to the past when America helped Europe during the World War II in order to have a strong economic trade. He said it is going to be the same with Africa.

Meanwhile, China is already ahead of U.S. in Africa's investment sector. It is reported that China has an overall US$200 billion trade with Africa while the U.S. only accounts for US$85 billion. 

TagsPresident Barack Obama, Bill Clinton, US-Africa summit