Hosting President Juan Manuel Santos at the White House, Obama yesterday said that as the country's 50-year conflict with leftist FARC guerrillas winds down it was time to rethink "Plan Colombia."
"A country that was on the brink of collapse is now on the brink of peace," Obama said, expressing optimism that an agreement can soon be reached.
A March 23 deadline has been set for the peace talks to conclude, designed to bring to an end a conflict which has killed more than 220,000 people and displaced six million.
Hailed in Washington as a bipartisan success story, Plan Colombia was launched by president Bill Clinton and continued by his Republican successor George W Bush.
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But the policy has also been fiercely criticized inside Colombia and by rights groups, who say it made internecine conflict bloodier and left a trail of abuses.
"For many Colombians directly affected by the conflict, Plan Colombia is shorthand for a war without quarter," said Gimena Sanchez of the Washington Office on Latin America, a non-profit group.
"Just as the United States has been Colombia's partner in a time of war," Obama said, "We will be your partner in waging peace."
Once a virtual failed state, Colombia is increasingly seen as a pivotal player in Latin America and one of the region's most dynamic and democratic countries.
"Today's Colombia is much, much different from the Colombia of 15 years ago," said Santos.
"Today, we see the future with hope.