Issue importing WordPress database from development to live server: 1273 - Unknown collation: 'utf8mb4_unicode_520_ci'

So I was trying to import a MySQL database exported from local development machine to a live server and I got the error thrown by phpMyAdmin:

#1273 - Unknown collation: 'utf8mb4_unicode_520_ci'

On some systems, the error could be: Unknown collation: 'utf8mb4_unicode_ci'

Read more »