The paper relates about our ongoing work on the creation of a corpus of Bulgarian and Ukrainian parallel texts. We discuss some differences in the approaches and the interpretation of some concepts, as well as various problems associated with the construction of our corpus, in particular the occasional ‘nonparallelism’ of original and translated texts. We give examples of the a pplication of the parallel corpus for the study of lexical semantics and note the outstanding role of the corpus in the lexicographic description of Ukrainian and Bulgarian translation equivalents. We draw attention to the importance of creating parallel corpora as objects of national as well as global cultural heritage.