But a quarter of all seats are reserved for the military, which also retains control of key ministries.
One of the new parliament`s first jobs will be to choose a new president.
Outgoing leader Thein Sein steps down at the end of March, but Ms Suu Kyi, who spent 15 years under house arrest, is constitutionally barred from standing because her sons are British not Burmese.
She has previously indicated, however, that she will seek to exert influence through the new leader.
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