x86_64 Linux Error: gnu/stubs-32.h Missing Error and Solution

Originally published at: https://www.cyberciti.biz/faq/x86_64-linux-error-gnustub-32h-missing-error-and-solution/

I'm getting the following error while compiling application under CentOS / RHEL / Fedora Linux 64 bit edition:

/usr/include/gnu/stubs.h:7:27: error: gnu/stubs-32.h: No such file or directory
How do I fix this error and compile my applications using gcc under RHEL / Fedora / CentOS Linux 64bit system?