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To utilize a component in both React and Angular, the following steps can be followed:

1. Create a component as per the requirements of the application in React and Angular.

2. Export the component as a module in React and Angular.

3. Convert the React component to a web component by using a library such as React Web Component.

4. Register the web component in Angular by using the @NgModule decorator.

5. Use the web component in Angular by importing it and adding it to the template.

6. Use the web component in React by importing it and using it in the JSX syntax as a regular HTML element.

By following these steps, the component can be utilized in both React and Angular to achieve the desired functionalities.