This compound is primarily utilized in organic synthesis as a versatile building block for constructing more complex molecules. Its structure, featuring both chloro and iodo substituents, makes it a valuable intermediate in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are widely employed in pharmaceutical and agrochemical research. Additionally, the ester group in the molecule allows for further functionalization, enabling the synthesis of various derivatives for use in drug discovery and material science. Its reactivity and stability make it a suitable candidate for developing compounds with potential biological activity or specialized industrial applications.