Iceland shares many geographical similarities with Scotland and the team are keen to see Scottish developments in renewable energy and tourism.
Over the next three days, the group - which includes the Mayor of the Municipality of Hornafjordour - will visit several businesses.
They also plan to visit the Cairngorms National Park to examine the effects it has on tourism in the area.
Iceland has a number of its own national parks including Vatnajokull National Park, which is the largest in Europe.
On Thursday, the team will meet representatives from the Cairngorms Chamber of Commerce and tour the Rothiemurchus Estate.
On Friday they will meet the Cairngorms National Park Authority at Grantown on Spey before visitng Tomintoul and then going on to Royal Deeside for a tour of the Glen Tanar Estate.
Stephanie Andersin, of HIE, said: "We are delighted to be welcoming the Icelandic group to the Highlands and Islands to look at the innovative work being carried out here.
"They view Scotland's progress as an excellent example of a small country like their own capitalising on what is unique in order to grow the economy and compete at an international level."
