"We want to demonstrate that although we're not a rich country, we can do something that is humanitarian ... but at the same time is an intelligent and sound migration policy," Iván Duque tells NPR.
The move will allow migrants to work legally in Colombia, obtain 10-year residence permits and access social services including healthcare and COVID-19 vaccines.
Human rights activists have reported a sharp increase in sexual assaults and human trafficking involving Venezuelan women and girls trying to reach Colombia since the border closed amid the pandemic.
About 2 million Venezuelans have settled in Colombia in recent years amid their country's deep economic crisis. Some of the migrants are shocked by their neighbors' anti-Venezuelan attitudes.