This compound is primarily utilized in organic synthesis as a versatile building block for the preparation of 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 material science research. Additionally, the ester functional group allows for further chemical modifications, enabling the creation of derivatives with potential biological activity. It is also used in the development of agrochemicals and as a precursor in the synthesis of liquid crystals for display technologies.