SharePoint 2013 Prerequisites fails with MSI Installer error code 1603 while installing AppFabric 1.1

When installing SharePoint 2013 prerequisites on Windows Server 2008 R2, the prerequisite installer fails with the following error Appfabric installation failed because installer MSI returned with error code:1603 This is a generic MSI error message and does not give any indication about how to get the issue fixed. Uninstall or reinstalling only makes it worse….

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